Cost of Insurance of Top 5 SUVs of 2019

The demand for SUVs in the Indian market has been growing rapidly over the years. In the year 2018, while the Indian auto industry saw a 5.1% increment as a whole, only the SUVs observed a growth by 12%. Besides that, the demand for small SUVs in India is also playing an important role in contributing to the market growth. After an evaluation of the market, we discovered some major reasons behind the increasing popularity of SUVs in India. They include the richness of features, high ground clearance, comfortable seating capacity, greater level of safety features and many more.

However, this article is neither about the SUVs nor the market analysis of their popularity. In this article, we would give you a basic idea of the insurance cost of the top 5 SUVs available in India at the moment.

It is important to note that we have taken the base variants of these cars into consideration while calculating the premium amount for them. Also, the premium is for a 1+3 comprehensive car insurance policy i.e. 1-Year Own-Damage cover bundled with a 3-Year Third Party Cover. The car prices mentioned in the following table are ex-showroom prices in New Delhi (DL04) for the 2019 petrol base model of the car and the policy premium is for a new car insurance policy.

Top 5 SUVs of 2019 and Their Insurance Cost

(Source: Insurancedekho.com; Data as on October 23, 2019)

1. Hyundai Venue: The Hyundai compact SUV has received a massive response in the Indian market since its launch due to its lucrative price tag. The car is being touted as the country’s first ‘Smart Connected SUV’ that comes with Hyundai’s global BlueLink Connectivity technology.

You can get your New Hyundai Venue (base variant) insured with a 1+3 comprehensive cover for Rs. 15,616 from Tata AIG General Insurance, which includes three years third-party premium of Rs. 9,534 and one year own damage premium of Rs. 6,082. The total sum assured of the policy will be Rs. 6,17,500.

2. Maruti Suzuki Vitara Brezza: Since its launch in 2016, Maruti Suzuki has sold around four lakhs of units of Vitara Brezza in the Indian market. The car has achieved a sales growth of 7% with a monthly sale of around 14,675 units. The reliable 1.3-litre DDiS 200 motor, a wide and long frame, a range of better safety features along with sporty design - are the main reasons behind making this SUV popular in the market.

For the car, you can get several options for a car insurance plan. The cheapest 1+3 comprehensive cover for your New Maruti Suzuki Vitara Brezza (base variant) comes from Liberty General Insurance for Rs. 20,824. The policy premium includes three years third-party premium of Rs. 9,534, one year own damage premium of Rs. 22,579 and a discount of Rs. 11,290. The total sum assured under the policy is Rs. 6,87,764.

3. Mahindra XUV300: Mahindra XUV300 is one of the popular names in the SUV segment of Indian market. The most highlighted feature of the car is Mahindra’s Ecosense technology, which gives the users a driving score based on how they drive. Other amazing features of the car include Mahindra Blue Sense app and dual-zone climate control for the front riders which are also the reasons behind its sale’s growth.

For Mahindra XUV300, you can get several car insurance plans. The cheapest 1 year comprehensive plan is being offered by HDFC Ergo General Insurance. The insurance company offers a new plan for a premium of Rs. 16,926, which includes three years third-party premium of Rs. 9,534 and one year own damage premium of Rs. 7,392. The total sum assured under the policy is Rs. 7,50,500.

4. Mahindra Scorpio: Mahindra Scorpio is one of the cheapest 4X4 SUVs available in the Indian market, which offers airbags and ABS. Apart from this, another major reason behind its popularity is its ruggedness. The carmaker has made the vehicle specifically ideal for the Indian terrains. It is claimed as a reliable SUV as it can keep going on thousands of kilometres without facing any major issues.

For Mahindra Scorpio base variant, you can get three good new car insurance plans. Amongst them, the one offered by HDFC Ergo General Insurance is the cheapest option. You can get the car insured with a 1+3 comprehensive cover for Rs. 37,730, which includes three years third-party premium of Rs. 24,305 and one year own damage premium of Rs. 13,425. The total sum assured under the policy is Rs. 12,97,118.

5. Tata Nexon: As per the 2019 February sales report, Tata Nexon has achieved second place behind Maruti Brezza with a 3.29% growth from January. Nexon is considered as the safest car in the SUV segment. It comes with an anti-lock braking system, advanced sensors, ISOFIX child restraint system and many more safety features. Besides, the interior, performance are also the main reasons behind its increasing sales growth.

You can get a total of five good new car insurance options for the Tata Nexon base variant. The 1+3 comprehensive plan offered by Digit General Insurance plan is the cheapest you can avail. This plan is available for a premium of Rs. 16,256, which includes three years third-party premium of Rs. 9,534 and one year own damage premium of Rs. 6,722. The total sum assured under the policy is Rs. 5,85,000.

The Bottom Line

No matter which SUV you buy, it is important to get the car insured. You should always do proper research before buying an SUV or any car. Get several quotes, compare every plan and choose your ideal plan wisely. You can do all these at a single place using our platform InsuranceDekho.

For further reading:

How Can I Reduce My Car Insurance Premium?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.