In India, car insurance costs can vary depending on several factors, such as the vehicle type, the policyholder's location, age, driving history, and the coverage level selected. Auto insurance depends on several variables, including insurance rates by car type and the coverage amount chosen.
Understanding How Your Vehicle Type Impacts Car Insurance Cost
Car insurance rates by vehicle type determine insurance rates in the following ways:
- Sedans are recognisable by their widespread use and are considered safer and more stable, with relatively low premiums. Third-party liability insurance costs are between INR 5,000/- and INR 10,000/-, and comprehensive coverage costs are between INR 10,000/- and INR 20,000/-.
- SUVs are known for their durability; therefore, their premiums—from INR 7,000/- to INR 15,000/- for third-party and INR 15,000/- to INR 30,000/- for comprehensive coverage—are higher, given the apparent risks involved.
- Popular for being the most reasonably priced, hatchbacks have the cheapest premiums, ranging from INR 4,000/- to INR 8,000/- for third-party and from INR 8,000/- to INR 15,000/- for comprehensive coverage.
- Luxury automobiles are expensive; hence, they command hefty premiums that range from INR 8,000/- to INR 18,000/- for third-party liability and INR 10,000/- to INR 25,000/- for comprehensive coverage.
Yet another type of car insurance is available, called temporary VIN number insurance or chassis number insurance. This type facilitates you to buy the necessary insurance to register your vehicle, following which you can apply for permanent insurance. This insurance type is typically applicable for imported or custom-built cars.