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 –
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 –
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 –
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 –
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 –
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.
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 –
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.
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.
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.
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.
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.
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.
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 –
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.
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.
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.
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% |
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.
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.
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.
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 –
The more the discounts that you qualify for, the lower would be the premium rate that you would need to pay.
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 –
Here are other assumptions made for calculation purposes –
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.
Insurance provider |
Insured Declared Value (IDV) offered |
Basic comprehensive premium (without add-ons) |
Zero depreciation premium |
Roadside assistance premium |
HDFC Ergo |
INR 353,393 |
INR 11,916 |
INR 1767 |
INR 1350 |
TATA AIG |
INR 324,900 |
INR 11,381 |
INR 1137 |
INR 137 |
Bajaj Allianz |
INR 336,882 |
INR 14,767 |
INR 2286 |
Nil |
Royal Sundaram |
INR 327,1232 |
INR 12,428 |
INR 2290 |
NA |
Insurance provider |
Insured Declared Value (IDV) offered |
Basic comprehensive premium (without add-ons) |
Zero depreciation premium |
Roadside assistance premium |
HDFC Ergo |
INR 456,950 |
INR 15,986 |
INR 2285 |
INR 350 |
Digit |
INR 668,891 |
INR 17,377 |
INR 2676 |
INR 109 |
Bajaj Allianz |
INR 433,892 |
INR 20,930 |
INR 3003 |
Nil |
TATA AIG |
INR 406,980 |
INR 22,895 |
INR 1424 |
INR 137 |
Insurance provider |
Insured Declared Value (IDV) offered |
Basic comprehensive premium (without add-ons) |
Zero depreciation premium |
Roadside assistance premium |
HDFC Ergo |
INR 668,582 |
INR 19,409 |
INR 3343 |
INR 350 |
TATA AIG |
INR 512,145 |
INR 17,098 |
INR 1536 |
INR 137 |
Digit |
INR 575,000 |
INR 17,303 |
INR 2729 |
INR 109 |
Royal Sundaram |
INR 572,835 |
INR 18,937 |
INR 4010 |
NA |
Insurance provider |
Insured Declared Value (IDV) offered |
Basic comprehensive premium (without add-ons) |
Zero depreciation premium |
Roadside assistance premium |
HDFC Ergo |
INR 722,197 |
INR 20,201 |
INR 3611 |
INR 350 |
TATA AIG |
INR 647,235 |
INR 19,094 |
INR 1942 |
INR 137 |
Bajaj Allianz |
INR 662,413 |
INR 23,670 |
INR 5434 |
Nil |
Royal Sundaram |
INR 729,355 |
INR 23,901 |
INR 5105 |
NA |
Insurance provider |
Insured Declared Value (IDV) offered |
Basic comprehensive premium (without add-ons) |
Zero depreciation premium |
Roadside assistance premium |
HDFC Ergo |
INR 704,109 |
INR 18,779 |
INR 3521 |
INR 350 |
TATA AIG |
INR 631,845 |
INR 17,830 |
INR 1896 |
INR 137 |
Digit |
INR 752,722 |
INR 16,828 |
INR 3011 |
INR 109 |
Bajaj Allianz |
INR 691,300 |
INR 24,286 |
INR 4548 |
Nil |
(Source of all calculations –www.turtlemint.com) as on 28-Dec-2019.
You need a car insurance policy on your Maruti Suzuki car because of the following reasons –
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.
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 –
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 –
Voluntary deductible is the amount of claim which you choose to pay yourself whenever you face a car insurance claim. Since you pay a portion of the claim from your pockets, the insurance company’s claim liability reduces and the company allows you premium discounts for choosing a voluntary deductible.
You can buy a Maruti Suzuki Car Insurance policy for one year or for a longer tenure. Insurance companies offer policies for one year as well as for 3 consecutive years. When you buy a long term policy, you can get freedom from the hassles of annual renewals.
No, as per the Motor Vehicles Act, only a third party cover is necessary. A comprehensive cover is optional. However, the cover is recommended because it covers the cost of repairs when your car itself is damaged or stolen. So, try and buy a comprehensive car insurance policy for your Maruti Suzuki car for all-round coverage.