How Much Does Car Insurance Typically Cost for a ₹10 Lakh Car?

Ex-Showroom Price of the Vehicle: It is the cost of the vehicle, specifically without registration and insurance costs.

Registration Details: It includes the location and year of purchase.

Previous policy details: This is necessary in case you are renewing your insurance.

Other details: Other necessary information includes the make, model, fuel type, and variant of your vehicle.

Know the Estimated Premium Amount Beforehand : Having an idea of the estimated cost of your premium will help you to negotiate with the insurer and choose an ideal car insurance.

Plan Your Budget : While purchasing a car, you always add the cost of registration and insurance to the cost of the car, as it helps to allocate your budget. You can calculate your available budget to buy a car after subtracting the cost of registration and insurance.

Comparison: When using your own computer and the internet, you can freely and deeply scrutinise the offers and costs of various insurance policies of different insurance companies. This will help you choose the ideal car insurance.

Car Model and Make: Every brand of cars has different costs of repair and spare parts, and since your insurance policy covers items such as theft and accidental damages, your vehicle type and model influences the cost of your premiums. In simple words. Higher the cost of the vehicle, higher will be the premium.

Policy Coverage: There are mainly three types of insurance policies: third-party, own damage, and comprehensive. Your premium depends on the type of insurance you choose. Any kind of add-on also increases your premium cost.

NCB / No Claim Bonus: NCB is a discount on the insurance premium that you receive for not making any claims in the 12-month insurance tenure. This discount increases every consecutive year of not making claims and goes up to 50% of the premium amount. It can help reduce your insurance costs.

GST (Goods and Services Tax): An 18% GST will be applied to the final insurance cost of your policy. It is applicable to all insurance of all general insurance providers in India. This increases the cost of your premiums.