Buying and maintaining cars is expensive. You can’t risk accidents or damage, and you can’t pay out of your pocket every time. If this happens, the car will become an unaffordable liability, best left to the rich. There are several considerations for purchasing insurance, and the premiums vary depending on the type of car you own.
The impact of vehicle models on third-party premium costs
this Third-party auto insurance It is the part of car insurance required by law. If you have an accident and need to compensate the victim (a third party or need your own treatment), the insurance company will pay for it, not the owner of the car (that is, you). The car accident claims court awarded a huge amount of compensation, so third-party insurance can ensure that the victim receives the money without burdening the car owner. The Insurance Regulatory and Development Authority of India (IRDAI) is responsible for overseeing this process. The regulator also announced the price of third-party insurance for vehicles. Similarly, IRDAI determines the premiums of third-party insurance policies in three price ranges based on engine size.
The third-party insurance premium cost for cars with engine capacity less than 1000 cc is the lowest.
The third-party insurance premium is highest for cars with an engine capacity of more than 1500 cc.
For cars with an engine capacity of more than 1000 cc but less than 1500 cc, the price of the third-party premium will be somewhere in between The premium price of the above policy
The impact of car models on the cost of self-damaged premiums
The self-damage insurance of your policy can protect your car and provide you with compensation in the event of an accident, theft, or damage caused by any natural disaster. In this regard, there are many factors that determine the price of a car insurance policy.
Usually, the subdivision type of your car becomes the main factor in determining IDV, and then directly affects the amount of insurance premium. Therefore, it is understandable that car insurance for small cars with lower prices will be cheaper. Suppose a person buys an A-class car with a price of less than Rs. 500 thousand, another person bought a C-segment car at a price of Rs. 1 million; this High quality It will definitely be less for cheaper cars.
- Many companies decide premiums based on cars‘s body typeAlthough this varies from company to company, it is estimated that the order in which the cost of the insurance policy increases, when you Buy car insurance, It can be like this:
Due to the large size and sales volume of hatchbacks, their insurance costs are always the lowest.
The cost of insurance for cars is often a bit higher than for hatchbacks, depending on their actual price range.
SUV and Manned vehicle/MUV It is one of the most expensive models in consumer cars.
Premium hatchbacks and sedans have higher policy costs because they are more expensive, even if they are small in size.
Sports SUVs, luxury SUVs, sports cars, super sports cars and super sports cars are the most expensive insurance because of their high cost and expensive engineering design, which may lead to expensive maintenance costs.
Insuring your car may seem like a chore, but trust us, it’s not just a necessary expense. Unless you need it, you won’t realize the advantage of having adequate policies.
Every Paisa invested purchasecar insurance It’s worth it when you don’t cover all repairs and compensation costs out of your pocket. A well-loved car deserves auto insurance of the same value. Therefore, we must get the best insurance policy from the best insurance company.
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