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A car insurance premium is an amount paid to an insurer for purchasing a policy. Shriram Car Insurance premium will be computed based on various factors, such as the policy chosen, cover types, add-ons, term period, etc.
The government of India has made third-party liability insurance mandatory. TP premiums are computed based on the cubic capacity of the car engine
It is a part of the premium one pays to get coverage against various natural and man-made disasters. Each insurance company will have their own pricing for an Own-Damage premium
Recently, the government has made Personal Accident coverage mandatory for car owners/drivers due to the rise in injury cases. For risk cover, Rs. 15 lakh is the minimum sum insured
Add-ons are additional covers for the vehicle for enhanced protection. The premium rates depend on the type of add-on chosen by the insured. Some of the popular add-ons are zero depreciation cover , motor protection cover, engine and tyre protection cover, roadside assistance, etc.
IDV (Insured Declared Value), age of the car (If your car is an old one), Zone/City of Registration, Cubic capacity of the car engine and No Claim Bonus
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