Car Insurance Gurgaon

Gurgaon, a thriving industrialized city was barely known twenty years before. Due to many reasons, one being its close proximity to the national capital, Gurgaon has developed tremendously in the past 2 decades. It is now littered with swanky malls, expansive golf courses and showrooms of world famous brands such as Gucci and Louis Vuitton. BMWs and Mercedes-Benzes glisten in automobile outlets. Apartment buildings sprout endlessly like concrete wildflowers, and a high-tech commercial center by the name Cyber City is home to some of the most reputed conglomerates in the world. With its glossy high-rises and high-flying economy, Gurgaon is often seen as the representation of a Rising India. Yet it also portrays an enigma: how can a new metropolitan be a global economic engine?

It is all thanks to the Automobile & IT boom. Since the past decades, Gurgaon automobile industry has progressed at an incredible pace. And hence amongst the wholesale customer merchandise provided by most insurance providers, car insurance is the most complex in terms of the sum of variables with an effect on the final premium. Gurgaon car insurance dealers are competing to offer clients a user friendly method where the owner can compare car insurance premiums and rates levied by various insurance corporations for the vehicle of his/her choice.

The auto insurance premium generally comprises of three parts
  1. Own Damage (usually more than 90% of the paid premium)
  2. Third Party (in case of damage to property of a third party or injury to the third party or both)
  3. Personal Accident cover
Factors that define the premium levied for vehicle insurance:
  1. Location Location Location:
  2. According to the Motor Insurance act, India is divided into two sectors- the biggest 8 metropolitans (Delhi, Chennai, Mumbai, Hyderabad, Bangalore, Pune, Ahmedabad, and Kolkata) compile one zone and the remaining cities form the other. Premiums are generally higher for insurances for cars registered in these cities. Since Gurgaon belongs to the second zone, despite being a metro with an alarming accident rate, the premium paid will be lesser. Some are looking to refine this list as reports of theft and motor accidents from Gurgaon continue to escalate.

  3. Car Engine CC:
  4. Vehicles with better engine displacement, called as CC, have a higher factor for the Third Party bit of the premium payment. The sorting here is in terms of

    1. Less than 1000 cc – INR 670
    2. 1000 to 1500 cc – INR 800
    3. More than 1500 cc INR 2500
  5. How old is your car:
  6. Insurance companies permits a small reduction in the car insurance premium with age. Older the car is, lesser the reduced value. This is because the Own Damage aspect of the premium gets lesser with age.

  7. Drive Safe to get a No Claim Bonus:
  8. Insurance companies are generous towards the insured who has filed zero or fewer claims. If there has been no claims over the previous years, they can save up to 50% on the Own Damage part of the premium.

GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017

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