How Much Insurance For Car?
Car insurance premiums vary depending on several factors, such as the cost of your car and its useful life. For cars with a price range from between 4 – 5 lakhs, your premium will be 10-12 thousand. Car insurance cost depends on the factors such as IDV (Insured Declared Value) of the vehicle, Type and age of the vehicle, Cubic capacity of the engine, Geographical zone, Age and gender of the owner-driver, Fuel type Profession of the owner Voluntary deductible, No Claim Bonus (NCB), and Anti-theft device installation.
How Much Is Car Insurance for Cars Older Than 15 Years?
The cost of car insurance for vehicles older than 15 years can vary widely in India. Typically, insurance premiums for cars of this age might range from about Rs. 6,000 to Rs. 40,000 or more per year for third-party coverage. If you opt for comprehensive insurance, the premiums can be higher, ranging from approximately Rs. 20,000 to Rs. 70,000 or more annually. The specific cost is influenced by factors such as the car's make and model, its current market value, your location, the type of coverage you choose, and the terms and conditions set by the insurance provider. To obtain an accurate insurance quote for cars older than 15 years, it's advisable to compare car insurance quotes at PolicyBachat for exact readings.
How Much Is Car Insurance for Cars Above 10 Years?
The cost of car insurance for vehicles above 10 years old in India can vary significantly, typically falling within the range of Rs. 6,000 to Rs. 35,000 or more per year for third-party coverage. Comprehensive insurance tends to have higher premiums and may range from around Rs. 20,000 to Rs. 60,000 or more annually. The specific premium depends on factors like the car's make and model, its current market value, your location, the type of coverage you choose, and the terms and conditions established by the insurance provider. To obtain an accurate insurance quote for cars above 10 years old, it's best to compare car insurance quotes with multiple insurance companies at PolicyBachat according to your needs & requirements.
Is It Mandatory To Have Insurance For Car?
Yes, it is mandatory to have car insurance in India by IRDA. If you are driving a vehicle that costs more than Rs 1 lakh or has been used in an accident, then you must have auto insurance. In case of an accident, insurance is mandatory for your car. It helps you to recover from the loss and get back on your feet again. Even though you have to have insurance for your car, it's not always necessary to buy comprehensive coverage. You can go with a lower-priced option that will cover damages like theft and vandalism.
What Is HAP Insurance For Car?
HAP insurance for a car is a type of add-on insurance that provides coverage for the hydrostatic lock of the engine. Hydrostatic lock occurs when water enters the engine cylinder and causes a lock, leading to engine failure. HAP insurance is typically offered as an add-on to comprehensive car insurance policies and covers the cost of repairing or replacing the engine in case of hydrostatic lock due to water ingression. This type of insurance is especially useful for car owners who live in areas prone to flooding or who frequently drive through waterlogged roads. The cost of HAP insurance may vary depending on the type and model of the car, as well as the insurance provider.
What Is Comprehensive Insurance For Car In India?
Comprehensive insurance for a car in India is a type of insurance coverage that provides extensive protection to the insured vehicle against a range of risks and perils. It offers coverage for damages caused by accidents, theft, fire, natural disasters, vandalism, and more. Additionally, comprehensive insurance includes third-party liability coverage, which protects the policyholder against legal liabilities arising from third-party property damage or bodily injuries caused by the insured vehicle. This type of insurance policy goes beyond the mandatory third-party coverage required by law and provides comprehensive financial protection for the policyholder's own vehicle. It is a popular choice among car owners who seek a higher level of coverage and want to ensure their vehicle is protected against a wide range of potential risks and uncertainties.