AVERAGE COST OF CAR INSURANCE IN INDIA FOR 2024

Are you currently looking for the perfect car insurance in India and stuck in the quotes and their associated things? Worry not. Quickinsure is here to help you compare and buy suitable car insurance with the latest insights into the average cost of car insurance in India for the year 2024.

Understanding the average cost of car insurance empowers you to make informed decisions and secure the best coverage at the most competitive rates.

Expect the terms of car insurance costs in India 2024

In 2024, expect to see some fluctuations in premiums due to evolving market dynamics and regulatory changes.

 Premium Fluctuations:

The average cost of car insurance in India can vary significantly based on multiple factors, including the model of your vehicle, its age, location, driving history, and the type of coverage you opt for.

 Region-Specific Pricing:

It's essential to keep in mind that car insurance prices can differ from one region to another. For example, urban areas may witness higher premiums compared to rural regions due to factors like traffic density, vehicle theft rates, and repair costs.

Policy Customization:

With the growing demand for personalized car insurance solutions, insurers are increasingly offering customizable policies to meet the needs of policyholders. Whether you ask for third-party liability coverage or comprehensive insurance with add-on benefits, Quickinsure allows you to compare any car insurance policies according to your requirements and provides the budget to buy.

Technological Advancements:

In 2024, technological advancements are expected to play a significant role in shaping the insurance industry. The technology may influence premium calculations and offer opportunities for car insurance cost savings.

 Discounts and Incentives:

Whether it's a no-claim bonus, installation of anti-theft devices, or voluntary deductibles, there are various ways to reduce your premiums without compromising on coverage. Quickinsure helps you identify and capitalize on these cost-saving opportunities effortlessly.

Quickinsure allows you to compare quotes tailored to your specific location, ensuring you get a comprehensive understanding of the costs involved.

Factors Affecting the Average Car Insurance Cost in India 2024:

  • Vehicle Type
  • Location
  • Driver's Age, Gender and Experience
  • Claims History
  • Optional Add-Ons
  • Fuel Type

Average Car Insurance Cost by Company:
Average Annual Premium (Comprehensive)

  • National Insurance Company: ₹5,000 per annum
  • Bajaj Allianz Insurance Company: ₹4,500 per annum
  • Zuno Insurance Company: ₹4,200 per annum
  • TATA AIG Insurance Company: ₹5,500 per annum
  • HDFC ERGO Insurance Company: ₹3,800 per annum

 

Average Car Insurance Cost By Vehicle Type:

Car Type

Third-Party Insurance Cost

Comprehensive Insurance Cost

Sedan

₹5,000 -  ₹10,000

₹10,000 - ₹20,000

Hatchback

₹4,000 - ₹8000

₹7,000 - ₹15000

SUVs

₹7,000 - ₹15000

₹15,000 - ₹30,000

Luxury Cars

₹8,000 - ₹18000

₹10,000 - ₹25,000

 

Average Cost of Car Insurance By Fuel Type:

  • Petrol: ₹15,000 - ₹25,000 per annum
  • Diesel: ₹17,000 - ₹28,000 per annum
  • Electric: ₹18,000 - ₹30,000 per annum

Average Cost of Car Insurance By Age:

Age Group

Average Annual Car Insurance Rates

25-40 years

2,500 - 6,300

40-44 years

3,000 - 7,400

45-50 years

3,300 - 8,500

 

Average Cost of Car Insurance By Gender:

Geographical Locations

Third-Party Liability Coverage

Comprehensive Coverage

Male Drivers

8,000 - 13,000

17,000 - ₹30,000

Female Drivers

4,000 - 8,000

8,000 - 18,000

 

Car Insurance Premium Calculation in India:

In India, the Cost of Car insurance premium is calculated based on various factors such as the Insured Declared Value (IDV) of the vehicle, age of the vehicle, geographical location, type of coverage selected (third-party or comprehensive), add-on covers, and the insurer's own risk assessment model.

Conclusion

Understanding the average cost of car insurance in India for 2024 is essential for making informed decisions and securing the best coverage at competitive rates. Whether you drive a sedan, hatchback or any 4-wheeler, premiums vary significantly based on the factors that affect, including premium fluctuations due to market dynamics and regulatory changes.

Choosing a Quickinsure platform for finding average cost of car insurance enables policyholders to compare the car insurance prices with others and buy one without any compromising. We are here to serve you the customized options according to your specific needs and budget preferences.
 

FAQs

Q1. Can I reduce my car insurance premiums?

Ans: Yes, you can reduce your car insurance premiums by opting for higher deductibles, maintaining a clean driving record, and availing discounts offered by insurers.

Q2. How may I compare car insurance quotes?

Ans: You may compare car insurance quotes on Quickinsure; An online comparison tool which allows you to compare and buy or you can call us on 702 812 4554 we will be happy to help you and to provide direct information regarding policy and premiums.

Q3. Is it possible to transfer my car insurance policy to another vehicle?

Ans: Yes, you may transfer your car insurance policy to another vehicle by contacting your insurance provider by providing details about the new vehicle.

Q4. Can I purchase car insurance online?

Ans: Yes, you can purchase car insurance online through Quickinsure websites or third-party insurance comparison platforms.

Q5. Is it necessary to renew my car insurance policy annually?

Ans: Yes, it is necessary to renew your car insurance policy annually to maintain coverage and comply with legal requirements.

go to top img

Insurance Companies