As per our country's law, it is a mandate to cover your car with an insurance policy that covers at least the damage to a third party. Since, no car is spared from this law, even the most expensive cars such as the BMW, Porsche, Jaguar etc need protection along with the most cost effective vehicles such as your Tata Nano, Maruti Alto, or Renault Kwid. It is a known fact that the insurance premium is dependent on the IDV(Insured Declared Value) of the car. Now obviously the IDV of a more expensive car would be higher while that of a cost effective car would be lower. Therefore, since the risk of repayment is more in the luxurious cars, the policyholder needs to shell out a higher premium for the same. Similarly, the risk is comparatively lower in cheaper automobiles and hence the premium is also low.
Therefore, let us make a list to understand the most expensive and least expensive vehicles on the market to insure:
Most Expensive cars to insureNissan GT-R Nismo: Even though this is not the most costly car on the market, it certainly is the most expensive one to insure. This is because car insurance premium depends on a few factors such as top-speed of the car, safety features, reliability etc along with its cost. This car has a power of 600HP, acceleration from 0-100 km/h in 5 secs and a top speed of 310 Km per hour.Mercedes-Benz SL65 AMG Convertible: This one is certainly the most luxurious and lavish automobiles on the market. That is why it is needs a pretty steep price to purchase car insurance for it. This model is the pinnacle of success and has a power of 621 HP, acceleration from 0-100 km/h in 3.9 secs and achieves a max speed of 305km/h.Dodge SRT Viper: The Viper is one of those cars that reflect opulence and authority. It has the power to make people drool over its swanky design and quirky interiors. It stands third in the list of most expensive motorvehicles to insure. It has a power of 645 HP, pick up in 3.8 secs and a top speed of 330 km/h.
Least Expensive Cars to Insure
Renault Kwid: The latest entry in the small car bandwagon the Renault Kwid is the least expensive car to insure in India. The French manufacturer's car has really caught the fancy of the masses. As this is one of the cheapest cars on the market, it is the least expensive one of buy car insurance for. It has a 799 cc engine and a power of 53 bhp.Tata Nano: The most popular small autocar on the market. A Tata Nano costs well below 4 lakhs and hence is one of the least expensive cars to insure. Car insurance for this car is affordable because of the low IDV of the vehicle.Maruti Alto 800: One of the most cost effective autocars in India, Maruti Alto 800 gets the third spot on the list. It has a 24km/l mileage and a power of 35.3 Kw. The car is a successor to the most successful vehicle in India,i.e. Maruti 800.
Hope the list helps in understanding the huge variance in Insurance premiums for the most pricey and cheapest cars on the market. In case you are looking for a good insurance cover for your car, it is always suggested to buy car insurance online. It is convenient, cost effective, and quick.