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Average Cost of Car Insurance by Vehicle Type

Discover the average cost of car insurance by vehicle type and explore factors influencing premiums for various types of vehicles.

  • 12 Apr 2024
  • 2 min read
  • 53 views

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.

Also read:

Conclusion

Understanding the complex factors affecting the four wheeler insurance cost for different types of vehicles is crucial. From sedans to luxury vehicles, every class of vehicle has factors that affect insurance prices in India.

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