Maruti Car Insurance Premium Calculator

Maruti Suzuki India Limited is a leading automobile manufacturer in India. The company launched its first car, the iconic Maruti 800, in the year 1983 and since then there has been no looking back. Today, Maruti has a considerable market share in the automobile sector and offers a range of cars for its customers. The list of cars offered by the company is as follows –

Maruti Cars

1. Hatchbacks:
   1. Alto
   2. Alto K10
   3. WagonR
   4. Celerio
   5. Celerio X
   6. Swift
   7. Ignis
2. Sedans
   1. Dzire
   2. Ciaz
   3. Baleno
3. MUVs, SUVs and Vans
   1. S. Presso
   2. Vitara Brezza
   3. Ertiga
   4. Eeco
   5. S – Cross
   6. XL 6

Maruti Suzuki Car Insurance – an overview

In India, the traffic rules related to motor vehicles is dictated by the Motor Vehicles Act which was passed in the year 1988. Under the provisions of this Act, every car in India should have valid insurance coverage to run legally on Indian roads. So, if you buy a new Maruti Suzuki car or if you are a proud owner of one, you would need a car insurance policy too on the car. The law requires you to have valid third-party liability coverage on your Maruti Suzuki car. However, for a comprehensive scope of coverage, a comprehensive policy is more beneficial. Let’s understand what these types of car insurance policies are all about –

Types of Maruti Suzuki Car Insurance plans

There are two types of car insurance plans which you can take for your Maruti Suzuki car. These types and their coverage features are mentioned below –

1. Third-party car insurance plan

A third party car insurance policy covers the mandatory liability that you face if your car damages or causes physical injury to any third party. A third party is said to be an individual or entity apart from you and the insurance company. If any harm is caused to a third party, you incur a financial legal liability. This liability is taken care of by a third party insurance plan.

The coverage offered under third party plans is as follows –

• Coverage for financial liability incurred if any third party is killed due to the car
• Coverage for financial liability suffered if any third party property is damaged by the car
• Coverage for financial liability suffered if any third party is physically injured due to the car

2. Comprehensive car insurance plan

A comprehensive car insurance policy provides a wider scope of coverage than a third party insurance policy. The policy covers the mandatory third party legal liability that you face in case of harming any third party. Moreover, it also covers the damages which are suffered by the car as well. In case the car is damaged, the comprehensive car insurance policy pays for the repair costs which are incurred in repairing the car. Coverage under comprehensive car insurance policies is allowed for the following instances –

• Financial liability incurred if any third party is killed due to the car
• Financial liability suffered if any third party property is damaged by the car
• Financial liability suffered if any third party is physically injured due to the car
• Costs incurred when the car is damaged due to natural causes like earthquakes, floods, cyclones, etc.
• Costs incurred when the car is damaged due to man-made causes like fire, riots, malicious activities, self-explosion, etc.
• The loss suffered when the car is stolen
• Costs incurred when the car is damaged when being transported from one location to another

Moreover, there is also a mandatory personal accident cover under both types of car insurance plans. This personal accident cover provides additional coverage against accidental deaths and disablements. A lump sum benefit is paid if the owner or driver of the car dies or becomes permanently disabled in an accident involving the car.

Add-ons available for Maruti Suzuki Car Insurance policies

If you buy a comprehensive car insurance policy for your Maruti Suzuki car, you also get a range of add-ons to choose from. Add-ons are additional coverage benefits which are available with comprehensive car insurance policies. Each add-on comes at an additional premium and you can choose as many add-ons as you want. The most popular add-ons which you can choose under your Maruti Suzuki Car Insurance plan are as follows –

1. Zero depreciation add-on

   Under car insurance policies, depreciation suffered by the car’s parts due to usage is not covered. That is why when a claim is made the cost of depreciation is excluded from the claim amount. This results in a reduction in the claim amount and you bear the depreciation cost from your pockets. The zero depreciation add-on prevents the claim from being reduced. If you opt for the add-on, no depreciation is deducted from the cost of repairs and you get a full amount of claim.

2. Roadside assistance add-on

   Under this add-on, you get round-the-clock assistance from the insurance company in case your car breaks down in the middle of the road. Roadside assistance would involve assistance in case of a flat tyre, empty fuel tank, jump-starting the car’s battery, etc.

3. NCB protect add-on

   No claim bonus is allowed by insurance companies if you do not make any claim in a policy year. The bonus gives you a premium discount when you renew the policy. This bonus also increases steadily after every claim-free year. However, when a claim is made, the earned no claim bonus becomes nil. NCB protect add-on protects your no claim bonus even if a claim is made.

4. Engine protect add-on

   Damage to the engine of your car due to water seepage or leakage would not be covered under your car insurance policy. However, this add-on covers such damages and give you a claim if you face engine damage.

5. Personal accident cover for named passengers

   A car insurance policy has a mandatory personal accident cover but the cover is allowed only for the owner or driver of the car. Through this add-on, the cover can be extended for named passengers too.

6. Return to invoice

   In case of total damage or theft of the car, the Insured Declared Value is paid as a claim which is the value of the car after depreciation. However, if you opt for this add-on, you get the invoice value of the car in such contingencies.

Maruti insurance premium calculator – factors affecting car insurance premiums

When it comes to the premiums of your Maruti Suzuki car, they are calculated based on a lot of factors. These factors are as follows –

1. Type of policy you need

   As mentioned earlier, you can buy either a third party car insurance policy or a comprehensive car insurance policy for your Maruti Suzuki car. The type of policy that you choose will determine the premium rate. Third-party policies have low premium rates which are fixed by the IRDAI (Insurance Regulatory and Development Authority). Comprehensive policies offer a wider scope of coverage and so their premiums are higher. So, the type of policy you choose will determine the insurance premium.

2. Age of the car

   As the car is used, it suffers depreciation and its value decreases. As the value decreases, the car insurance premium also comes down. So, premiums for older Maruti Suzuki cars would be lower than newer ones.

3. Make, model and variant of the car

   The make, model and variant of the car determines the value of the car. Car insurance premiums are directly related to the car’s value. So, if the value of the car is high, the premium would be higher and vice-versa. For instance, premiums for Maruti Suzuki S-Cross would be higher than premiums payable for Maruti Suzuki Swift. Similarly, if you are buying Wagon R, the model would affect the premium. The higher the model that you choose, the higher would be the cost of the car as well as the premium payable for a car insurance policy on it. Moreover, petrol variant cars have lower premiums than diesel variant ones because diesel cars are costlier than petrol cars.

4. IDV

   IDV stands for Insured Declared Value. It is calculated as the market value of the car less depreciation based on the age of the car. As the car ages, the IDV reduces. IDV is directly connected to the car insurance premium. If the IDV is low the premium would be low and vice-versa. The rate of depreciation used to calculate IDV is as follows-

   Age of the car	Depreciation rate
   Up to 6 months	5%
   More than 6 months but less than 1 year	15%
   More than a year but less than 2 years	20%
   More than 2 years but less than 3 years	30%
   More than 3 years but less than 4 years	40%
   More than 4 years but less than 5 years	50%

5. Registration location

   If your Maruti Suzuki car is registered in a metro city like Kolkata, Delhi, Mumbai, etc. the premiums would be higher compared to cars registered in non-metro cities.

6. Add-ons selected

   If you choose any of the above-mentioned add-ons which are available under comprehensive car insurance policies, the premiums would increase. This is because add-ons have an additional premium which gets added to the premium of the base policy thereby increasing it.

7. No claim bonus

   As mentioned earlier, not making any claim in your car insurance plan earns you a no claim bonus. This bonus allows you a premium discount when you renew the policy. So, if you have earned any no claim bonus, your premium would be reduced by the bonus earned and it would be lower. The no-claim bonus which is allowed under car insurance plans is as follows-

   Claim history	No claim bonus rate
   No claim in the first year	20%
   No claims in two successive years	25%
   No claims in three successive years	35%
   No claims in four successive years	45%
   No claims in five successive years	50%

   Thus, you can earn a discount of up to 50% and lower your premium.

8. Other policy discounts

   Besides the no claim bonus, other discounts are also allowed under car insurance policies. These discounts also let you reduce the premium. The discounts that you can claim include the following –

   • Discount for being a member of a reputed automobile association
   • Discount for installing safety devices in the car
   • Discount for choosing a voluntary deductible
   • Discount for modifying the car for being used by a disabled
   • Vintage car discount

The more the discounts that you qualify for, the lower would be the premium rate that you would need to pay.

Maruti insurance premium calculator – premium calculation

Now that you know the factors on which your Maruti Suzuki Car Insurance premiums depend, let’s have a look at some sample premium computations. Mentioned below are premiums of leading car insurance providers on a comprehensive policy for five Maruti Suzuki cars which are –

1. Maruti Suzuki Alto K10
2. Maruti Suzuki Swift
3. Maruti Suzuki Dzire
4. Maruti Suzuki Vitara Brezza
5. Maruti Suzuki Baleno

Here are other assumptions made for calculation purposes –

1. The cars are assumed to be bought new in the city of Mumbai
2. The manufacturing and purchase year is 2019

Moreover, add-on premiums for zero depreciation and roadside assistance are also displayed separately so that you know how much premium is payable for the add-ons that you choose.

1. Maruti Suzuki Alto K 10 VXI 998cc (Petrol) Maruti insurance premium calculator

2. Maruti Suzuki Swift DLX 1197cc (Petrol) Maruti insurance premium calculator

3. Maruti Suzuki Dzire VXI 1298cc (Petrol) Maruti insurance premium calculator

4. Maruti Suzuki Vitara Brezza LDI 1248cc (Diesel) Maruti insurance premium calculator

5. Maruti Suzuki Baleno Alpha 1197cc (Petrol) Maruti insurance premium calculator

(Source of all calculations –www.turtlemint.com) as on 28-Dec-2019.

Why choose Maruti Car Insurance policies?

You need a car insurance policy on your Maruti Suzuki car because of the following reasons –

• A car insurance policy is mandatory by law. So, if you do not want to violate traffic rules and incur fines, you need a car insurance policy on your Maruti Suzuki car
• The policy covers your third party liabilities which can be of a considerable sum of money. This gives you financial relief as you don’t have to shoulder the costs yourself
• Your repair costs would also be handled by the car insurance policy if you buy a comprehensive plan
• The add-ons available under comprehensive plans help to give you an all-inclusive coverage so that all possible contingencies can be insured against

Benefits of Maruti Suzuki Car Insurance plans

When you buy a car insurance policy on your Maruti Suzuki car, you can be financially secured in the knowledge that any type of car accidents the financial distress suffered would be handled by the car insurance policy. This creates peace of mind. Moreover, comprehensive plans also cover theft of the car and compensate you for the financial loss that you suffer so that you can easily replace your lost car. The premiums of car insurance plans are affordable and the coverage offered by these plans make them beneficial.

How to apply for Maruti Suzuki Car Insurance plans?

You can buy a Maruti Suzuki Car Insurance policy online through Turtlemint. Turtlemint is tied-up with all the leading car insurance providers of India. You can, therefore, find a list of suitable car insurance policies on Turtlemint’s website. You can then compare the available plans and then choose a policy which offers the best coverage benefits at the lowest rates of premiums.

Buying through Turtlemint is simple and easy. You can follow the below-mentioned process to buy a suitable car insurance policy for your Maruti Suzuki car from Turtlemint –

1. Visit https://www.turtlemint.com/car-insurance and enter in the registration number of your car
2. If you have bought a new car and don’t have the registration number, you can simply choose the RTO where the car would be registered and calculate the premiums
3. For Maruti insurance premium calculator you would have to enter the car details like the make, model, variant, manufacturing year, fuel type, details of an existing policy, if any, etc.
4. Once the details are entered, you would be able to check the different car insurance plans available for your car
5. You can compare and select the best policy
6. Pay the online premium and fill in your details to get the policy issued instantly

How to renew Maruti Suzuki Car Insurance plans?

Renewal of Maruti Suzuki Car Insurance policies is a must if you want to enjoy uninterrupted coverage. To renew, there are two options. They are as follows –

1. You can visit the website of the company whose policy that you have. On the website, there would be an option to renew the policy. Click on that option, provide your existing policy number and your policy details would be shown along with the renewal premium. Pay the renewal premium online and the policy would be instantly renewed.
2. Alternatively, if you have bought the policy from Turtlemint, you can also renew it directly from Turtlemint. To renew, just log into your online Turtlemint account and click on ‘Renew’. Pay the renewal premium online and the policy would be renewed instantly.