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Vehicle Insurance Premium
Comprehensive premium = Own-Damage (% of IDV, scales with age) + Third-Party (IRDAI-fixed by engine cc) + GST. NCB discount applies on OD.
₹8,00,000
2 years
1200 cc
20%
A: metros (Mumbai/Delhi/Bangalore...). B: tier-1 cities. C: tier-2/3.
Total premium (incl. GST)
₹24,421
Own-Damage (post NCB)₹17,280
NCB discount-₹4,320
Third-Party₹3,416
18% GST₹3,725
FAQ
What is IDV?
Insured Declared Value — your car's current market value, used to compute OD premium and as the cap on payout. Insurer applies depreciation schedule (5% in year 1, 15% year 2, etc.).
Can I skip own-damage and just get third-party?
Legally yes — third-party is the only mandatory cover. But OD is what protects you against accident damage, theft, fire, flood. Skipping OD only makes sense for very old cars.
Premium drop with anti-theft device?
Yes — Anti-Theft Device discount of ~2.5% if device is ARAI-approved. Also, Automobile Association membership gives ~5% discount.