Insurance Prices For Best Cars Under 7 Lakhs In India 2024

Updated On: 2023-05-09

Author : Team Policybachat

Car insurance is an important aspect of owning a car in India. With the increasing number of accidents and road mishaps, having a car insurance policy can protect you from financial losses. It not only provides financial protection in case of accidents or damages but is also mandatory as per the Motor Vehicles Act. In this article, we will be discussing the insurance prices for the best cars under 7 lakhs in India. We will also highlight the factors that affect car insurance prices and provide tips for choosing the right insurance policy for your car. So, if you are planning to buy an affordable car in India, read on to make an informed decision about car insurance.

Insurance for cars under 7 lakhs in India is available at reasonable prices, making it more accessible to a larger population. With the help of the latest technology, insurers are able to offer customized policies that meet the specific needs of the customer. The various types of coverage available include third-party liability, comprehensive coverage, personal accident cover, and more. Insurers also provide discounts on premiums based on certain criteria such as age, driving experience, and type of car. By getting car insurance for cars under 7 lakhs in India, customers can be sure that their vehicles are protected from any unexpected damages or losses.

Best Cars under 7 lakhs in India

The Indian car market is continuously growing and is among the largest in the world. However, a significant percentage of the population prefers affordable cars that provide good value for money and are more accessible to the average Indian consumer. Cars priced under 7 lakhs are highly sought-after as they cater to the needs of budget-conscious customers while still offering a wide range of features and capabilities.

As a result, many car manufacturers have developed models specifically designed for the Indian market, offering a combination of affordability, functionality, and style. The demand for affordable cars under 7 lakhs in India is expected to remain strong, making it a crucial segment of the country's car industry. Although individual preferences and needs may vary, generally the best cars under 7 lakhs in India are determined by factors such as : -

  • Price
  • Features
  • Performance
  • Fuel efficiency
  • Reliability
  • Brand Reputation.

List of Top Best Cars under 7 lakhs

Listed below are some of the top cars under 7 lakhs in India. To choose the right car, it is crucial to evaluate factors such as fuel efficiency, practicality, safety features, and budget. This helps in determining the most suitable model based on individual needs and preferences.

Car Models Specifications Prices
Maruti Suzuki Ignis
  • Fuel type: Petrol
  • Mileage: 20.8 km/l
  • Engine Capacity: 1197 cc
  • Transmission: Manual
  • Seating Capacity: 5
Rs. 6.36 lakhs
Renault Kiger
  • Fuel type: Petrol
  • Mileage: 20.5 km/l
  • Engine Capacity: 999 cc
  • Transmission: Manual
  • Seating Capacity: 5
Rs. 6.5 lakhs
Renault Kwid
  • Fuel type: Petrol
  • Mileage: 22 km/l
  • Engine Capacity: 999 cc
  • Transmission: Manual
  • Seating Capacity: 5
Rs. 6.13 lakhs
Renault Triber
  • Fuel type: Petrol
  • Mileage: 19 km/l
  • Engine Capacity: 999 cc
  • Transmission: Manual
  • Seating Capacity: 7
Rs. 6.34 lakhs
Hyundai Aura
  • Fuel type: Petrol
  • Mileage: 28 km/l
  • Engine Capacity: 1197 cc
  • Transmission: Manual
  • Seating Capacity: 5
Rs. 6.3 lakh
Hyundai Grand i10 Nios
  • Fuel type: Petrol
  • Mileage: 21 km/l
  • Engine Capacity: 1197 cc
  • Transmission: Manual
  • Seating Capacity: 5
Rs. 6.61 lakh
Maruti Suzuki Wagon R
  • Fuel type: Petrol
  • Mileage: 34.05 km/l
  • Engine Capacity: 998 cc
  • Transmission: Manual
  • Seating Capacity: 5
Rs. 6.1 lakhs
TATA Punch
  • Fuel type: Petrol
  • Mileage: 18.97 km/l
  • Engine Capacity: 1199 cc
  • Transmission: Manual
  • Seating Capacity: 5
Rs. 6.32 lakhs
Honda Amaze
  • Fuel type: Petrol
  • Mileage: 24.7 km/l
  • Engine Capacity: 1498 cc
  • Transmission: Manual
  • Seating Capacity: 5
Rs. 6.63 lakhs
Mahindra KUV100NXT
  • Fuel type: Petrol
  • Mileage: 18.15 km/l
  • Engine Capacity: 1198 cc
  • Transmission: Manual
  • Seating Capacity: 6
Rs. 6.18 lakhs

*The above mentioned values and specifications are for user reference for exact values, please refer to the site.*

Factors that affect Car Insurance Prices in India

Car insurance prices in India are influenced by several factors, including the make and model of the car, the age of the car, location, driving history, and more. These factors play a significant role in determining the insurance premium for each car.

  • The make and model of the car are significant factors that impact the insurance premium. Cars with a higher value, better performance, and advanced safety features usually have higher insurance premiums. Newer cars typically cost more to insure than older models, as they require higher repair or replacement costs in case of an accident.
  • The Age of the car also affects the insurance premium. As a car gets older, it tends to lose its value and requires more maintenance. Hence, older cars have a lower insurance premium than newer models.
  • The location of the car owner is another important factor. Cars parked in areas with high traffic density or a higher incidence of theft or vandalism are at a higher risk, leading to higher insurance premiums.
  • Driving history is also a significant factor in determining the insurance premium. Drivers with a history of accidents or traffic violations are considered a higher risk and may need to pay a higher insurance premium.

Other factors that can influence insurance prices include the type of coverage, deductibles, and the insurer's terms and conditions. Overall, understanding these factors and their impact on car insurance prices can help car owners make an informed decision while purchasing car insurance in India.

Insurance Prices for Best Cars under 7 lakhs

As insurance prices are determined by multiple factors, it's not possible to provide an exact breakdown of insurance prices for each car on the list. However, we can compare the average insurance prices for each car based on factors such as the age of the driver, location, and driving history. Moreover, the type of coverage and deductibles opted for can also impact the insurance premium.

Car Models Insurance Premiums
Maruti Suzuki Ignis Rs. 8392
Renault Kiger Rs. 7252
Maruti Suzuki Wagon R Rs. 6272
Hyundai Grand i10 Nios Rs. 7362
Renault Kwid Rs. 7192
TATA Punch Rs. 6392
Renault Triber Rs. 7292
Hyundai Aura Rs. 8193
Mahindra KUV100NXT Rs. 9279
Honda Amaze Rs. 6272

*All the above-mentioned values are for user reference purposes for exact values compare to car insurance quotes.*

When comparing the insurance prices for each car on the list, it is essential to consider these factors. Generally, cars with smaller engines, fewer safety features, and lower market values tend to have lower insurance premiums. In contrast, cars with larger engines, advanced safety features, and higher market values tend to have higher insurance premiums.

Overall, when considering the most affordable insurance premiums, cars like Maruti, Hyundai, and Renault are typically among the most economical options. It is essential to research and compares insurance quotes from multiple insurers to choose the best insurance policy that suits your needs and budget.

Tips for Choosing the Right Insurance Coverage for Best Cars under 7 Lakhs

Choosing the right car insurance policy can be a daunting task. However, the following tips can help you make an informed decision:

  • Research Different Insurance Providers: Research various insurance providers and their policies to understand the coverage options, premiums, and other benefits. Read reviews and seek recommendations from family and friends to get a better understanding of the quality of service provided by each insurer.
  • Compare Quotes: Once you have shortlisted a few insurers, compare the quotes from each of them. This will help you identify which insurer is offering the best value for money and the most comprehensive coverage. However, remember not to solely base your decision on price, as cheaper policies may not offer adequate coverage.
  • Understand the Coverage Options: It's essential to understand the coverage options available before purchasing an insurance policy. The two main types of coverage options are third-party liability coverage and comprehensive coverage. The third-party liability coverage protects you against damages or injuries caused to third parties, while comprehensive coverage also covers damages or injuries to your vehicle.
  • Check for Add-Ons: Some insurers offer add-ons such as zero depreciation cover, roadside assistance, and engine protector, among others. Check for these add-ons and evaluate whether they are necessary for you.
  • Discounts: Some insurers offer discounts based on factors such as no-claim bonus, age of the driver, and installation of safety features in the car. Check for these discounts and see if you are eligible for any.


Are you in the market for an affordable new or used car under 7 lakhs? Look no further! We have compiled a list of the best deals on cars in India that fit within your budget. Our list features a range of vehicles from reliable family cars to trustworthy options. You can easily compare prices and models across different brands and locations to find the perfect fit for your needs and budget. Plus, it's important to remember that insurance is crucial for cars under 7 lakhs to ensure financial protection, peace of mind, and long-term cost savings. So don't wait any longer - start shopping today and find the perfect car at an affordable price.

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