4 min read
There are many factors that impact the car insurance premium for a sedan or an SUV. These are both vehicles in the upper end of the market and may naturally command higher premiums than several other types of cars. However, have you wondered what are the factors which impact their car insurance premiums? Here’s taking a look!
If you are thinking about the applicable car insurance premiums for SUVs and sedans, then you should follow the main trends of car insurance online or offline for that matter. Vehicle insurance depends on several parameters as you may already know. SUVs or Sports Utility Vehicles, as they are also known, are alternatives these days to sedans for most people. They offer a comfortable experience while commuting in the city and adequate horsepower and ground clearance for highway driving and even venturing onto bad or broken roads. SUVs are also becoming more affordable to own and maintain, thanks to the dawn of the compact SUV category and its huge impact in India.
At the same time, some compact and mini SUVs are sometimes equivalent to sedans in terms of space or even more cramped to say the least. You should always compare car insurance premiums for SUVs and sedans before deciding on the best possible vehicle for your needs. There are several sedan options available for customers these days. Right at the entry-level, we have compact sedans such as the Honda Amaze, Hyundai Xcent, Maruti Suzuki Dzire and Tata Tigor. Then there are midsized and luxurious sedans such as the Honda City, Hyundai Verna, Maruti Suzuki Ciaz and others. Then we have sedans which are a segment above including the Hyundai Elantra, Skoda Octavia and their counterparts. And finally, we move into the luxury sedan category with German and other marquee brands.
Read More: Car Modification Effects on Car Insurance Premium
In the SUV space, we have compact SUVs that rule the roost in the Indian market today, including the likes of the Maruti Suzuki Vitara Brezza, Renault Kiger, Tata Nexon, Hyundai Venue and others. Then we have slightly bigger SUVs such as the Kia Seltos, Hyundai Creta, Mahindra XUV300, Tata Harrier and others. We also have butch 7-seater SUVs including the Mahindra XUV500, XUV700, Scorpio, Tata Safari and Toyota Fortuner along with the premium Jeep Compass. The higher you move up, you go towards German and other foreign SUVs which cost a bomb and are preferred by the who’s who of the country!
There are multiple factors behind sedan car insurance premiums and those charged for SUVs. Here’s taking a closer look at the same.
Here are the core factors that you should remember while on the topic:
SUV prices have now come down to more affordable levels in almost every category for customers in recent years. With both sedans and SUVs finding favor with distinct categories of buyers, the insurance premium should be carefully compared before taking the plunge. The sticker prices of full-sized SUVs are higher, impacting their overall insurance premiums greatly. The same is true for luxury sedans as well. High-end cars will naturally come with increased costs of insurance. At the same time, compact SUVs and sedans are comparatively affordable in terms of their insurance costs. Do your homework thoroughly before your purchase.
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