SUV insurance

Know about SUV insurance, its types, premiums, claim process, and steps to buy online.
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SUV insurance
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3 mins
28-November-2023

SUVs and luxury cars are the epitome of style, comfort, and practicality. While these high-end vehicles offer an unparalleled driving experience, they also come with high maintenance costs and can be expensive to repair. Due to these reasons, it is essential to purchase an appropriate SUV insurance policy. In this article, we will be discussing everything you need to know about a car insurance for your SUV, including its importance, types, add-on covers, insurance rates for SUVs, and the claim process.

Why is buying an SUV insurance important?

When it comes to SUVs, they are not just vehicles; they're an extension of your lifestyle. The robust performance, elevated driving position, and often premium price tag make them a prized possession. Having dedicated SUV car insurance is crucial for protecting your investment against unforeseen circumstances. From accidents to theft, having the right insurance ensures that you can hit the road with confidence, knowing that you are covered.

Types of insurance for SUVs

Here are different types of car insurance plans you can choose for your SUV based on your requirement.

Comprehensive car insurance

Comprehensive car insurance coverage is your all-encompassing shield against a range of situations. It covers damages from accidents, theft, natural disasters, and third-party liabilities. For SUV owners, this is often the go-to-choice for holistic protection.

Third-party car insurance

Mandatory by law, third-party insurance covers damages and injuries caused to third parties in an accident. While it is a legal requirement, SUV owners are recommended to complement it with comprehensive coverage for comprehensive protection.

Own-damage car insurance

Own-damage car insurance is tailored to cover damages to your SUV specifically. This includes protection against accidents, theft, vandalism, and more. Combining this with third-party coverage creates a robust insurance package.

Add-on covers for SUVs

Here some of the must-have add-on covers for SUVs for additional protection.

  • Zero depreciation cover
    This add-on ensures that you receive the entire claim amount without considering depreciation. Particularly beneficial for luxury SUVs, it prevents you from bearing the depreciation cost during claim settlements.
  • Consumables costs
    Covers the expenses of consumable items like engine oil, nuts, bolts, and other components that need regular replacement during repairs. It eases the financial burden during repair work.
  • Tyre protection cover
    Tyres are often a significant expense. This cover protects your SUV's tyres from damages not only due to accidents but also from wear and tear. It ensures that you do not have to bear the full cost of replacing expensive SUV tyres.
  • Key replacement cover
    Losing or damaging your SUV's key can be a costly affair. This cover takes care of the expenses involved in replacing or repairing your SUV's keys.
  • Engine protection
    Offers coverage for damage to the SUV's engine due to water ingression or lubricant leakage.
  • Roadside assistance
    Provides support in case of breakdowns, towing, and other emergencies.

SUV insurance - Inclusions

Here are some of the key inclusions under an SUV Insurance policy:

  • Third-party liability coverage: Coverage for bodily injury and property damage caused to third parties in an accident where you are at fault.
  • Comprehensive coverage: Protection against damage to your SUV due to accidents, natural disasters, fire, theft, or vandalism.
  • Personal accident cover: Insurance coverage for medical expenses or death benefits for you and your passengers in case of an accident.
  • No Claim Bonus (NCB): Accumulation of bonus discounts for every claim-free year, leading to reduced premium costs during policy renewal.
  • Roadside assistance: Services such as towing, flat tire assistance, fuel delivery, and locksmith services in case of breakdowns.
  • Zero depreciation cover: Full reimbursement for the replacement of parts without factoring in depreciation during a claim.
  • Engine protection: Coverage for damages to the SUV's engine due to water ingression, oil leakage, or other internal issues.

SUV insurance - Exclusions

Below are the key exclusions which are commonly not covered under SUV insurance:

  • Wear and tear: Damage caused by the gradual deterioration of the SUV over time, including wear and tear of parts.
  • Mechanical or electrical breakdown: Repairs or replacements that are required due to mechanical or electrical failures without any accidental damage.
  • Drunk driving: Accidents or damages that occur while the driver is under the influence of alcohol or drugs.
  • Illegal activities: Damages incurred while the SUV is being used for illegal purposes or activities.
  • Non-driver permitted usage: Accidents happening when the SUV is driven by someone not listed in the policy or without a valid driver’s license.
  • War or nuclear perils: Damages resulting from wars, nuclear explosions, or related events.
  • Racing or adventure sports: Damages sustained during participation in races or adventurous activities unless specified in the policy.

What are the insurance rates for SUVs?

The insurance rates for SUVs, especially third-party insurance premiums, depend on the engine CC. Here are the basic car insurance rates in India.

Engine CC

Premium starting at Rs.

Up to 1,000 CC

2,094

1,000 – 1,500 CC

3,416

More than 1,500 CC

7,897


Note: The above prices may differ for the SUV you own. While third-party insurance rates are fixed by the IRDAI, there are other factors as well that affect the car insurance premiums.

Factors that affect insurance rates for SUVs

Here are some of the parameters considered while determining your comprehensive car insurance premium.

Car’s model and make

The brand and model of your SUV significantly influence the insurance premium. Luxury SUVs may have higher premiums due to their expensive repair and replacement costs.

Age of the SUV

Newer SUVs with advanced safety features may have lower premiums compared to older models. The safety technology often reduces the risk of accidents.

Driver's history

A clean driving record contributes to lower insurance rates. On the other hand, a history of accidents or traffic violations may increase the premium.

Location

The area where you reside can affect the insurance rates for SUVs. Urban areas with higher traffic and crime rates may have higher premiums.

Steps to buy an SUV insurance policy through Bajaj Finance

You can buy a car insurance policy online through Bajaj Finance Insurance Mall that offers a fully digital buying process. Just follow the below steps to buy a car insurance policy for your SUV from leading insurers.

Step 1

Click on the 'Get Quote’ button to open the online application form.

Step 2

Enter the vehicle type, two-wheeler registration number, mobile number, and residential PIN code. Check the terms and conditions and click on the ‘Get Quote’ button below.

Step 3

Choose the IDV, NCB value, add-on covers, and plan type to get a list of relevant policies. You need to update your current policy expiry date here.

Step 4

Click on the ‘Buy Now’ button. You will need to add owner-driver personal accident cover mandated by the RTO. Click on ‘Next’ to proceed.

Step 5

Confirm the vehicle registration date and the previous policy type (comprehensive/third-party). Click on ‘Proceed’.

Step 6

Enter the vehicle owner’s name, date of birth, residential address, and contact number. Also, enter the vehicle engine and chassis number (as per the RC) and previous policy details.

Step 7

Review your previously filled details and make the payment through your preferred online payment mode. You can use net banking, UPI, credit/debit card to buy the policy.

What is the claim process of SUV car insurance?

Report the incident

Contact your insurance provider immediately after an incident, providing details like the policy number, date, and time.

Document the incident

Take pictures of the damages and gather relevant information, including details of the other parties involved.

File an FIR (if necessary)

In cases of theft or serious accidents, filing a First Information Report with the local police is crucial.

Contact the surveyor

The insurance company will appoint a surveyor to assess the damages. Cooperate fully during the survey, providing all necessary details and documents.

Claim settlement

If the claim is approved, the insurance company will either provide cashless repair services at a network garage or reimburse you for the incurred expenses.

Owning an SUV is a journey of luxury and adventure, and safeguarding it with the right insurance is your key to a worry-free ride. The diverse types of insurance and add-on covers available allow you to tailor your policy to meet the specific needs of your SUV. So, buckle up, hit the road with confidence, and let your SUV take you on unforgettable journeys, knowing that you have the protection you need.

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Disclaimer

Insurance is the subject matter of solicitation. *T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third-party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, Niva Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third-party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.

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