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  1. TC Nayak
  2. Finance, Insurance
  3. Wednesday, May 16 2018
Dear Sir,

1. I understand that the calculation of insurance premium of a new car is based on the Ex-showroom price. But if I go for some accessories at the showroom itself, then will the cost of the accessories be added to calculate the insurance premium ?

2. Can you give me a rough idea about the TOTAL AMOUNT which is likely to be expended over a period of 10 Yrs towards insurance premium only, for a new car having Ex- Showroom price of 5 Lakhs and another new car having an Ex-showroom price of 6 lakhs. What could be the difference ? Pl assume that there will be no claims in these 10 yrs and the present rules and rates of insurance companies will apply.

3. I have an idea to buy a lower variant like Swift LXI and upgrade it to my requirements by fitting some accessories and thus I would save some good amount on the Ex-showroom price and RTO cost and additionally I may save reasonably on the insurance premium on year to year basis. Is this a good idea ?

Kindly clarify.

Thanks and regards
  Vellore, Tamil Nadu, India
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Admin Accepted Answer
0
Votes
Undo
Hello,

1. Car Insurance is calculated based on
> OD Premium
> Third Party Premium
and applicable taxes on to it

Overall cumulative premium difference would be around Rs 15K for 10 years at at max including taxes.

2. Depends on requirement of accessories and budget
But - Factory fit fitment is the best in terms of electrical accessories

Hope should help !!


  1. more than a month ago
  2. Finance, Insurance
  3. # 1
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