Honda Car Insurance

Honda Cars India Ltd. is the wholly-owned Indian subsidiary of the Japanese auto-manufacturer Honda Motor Company Limited. In India, the Honda car prices are in the range of ₹6.43 Lakhs - ₹19.49 Lakhs. The 2020 Honda City has earned a 5-star safety rating at the ASEAN NCAP crash test. And it’s not just the City! Most cars manufactured by Honda have scored above 4-star ratings at such safety tests.
However, these safety ratings may not be enough to protect your car from unpredictable events like accidents, theft, natural calamities, etc. Thus, it is important to buy the right Honda car insurance for your vehicle. Read on to know more about Honda car insurance, its different types, the Honda car insurance price, and more. First, let us look at the different Honda car variants and the Honda car cost.

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Honda Car Insurance Price for Popular Models

Here is a list of some of the most popular Honda car models and the Honda car insurance price:

Honda Car Model

Ex. Showroom Price*

Fuel Type

Estimated Third-party Premium**

FY 2022-23

 

(effective 1st April, 2022)

 

Honda City

₹11.28 Lakhs - ₹15.23 Lakhs

Diesel/Petrol

₹3416

Honda Amaze

₹6.43 Lakhs - ₹11.26 Lakhs

Diesel/Petrol

₹3416

Honda WR-V

₹8.88 Lakhs - ₹12.07 Lakhs

Diesel/Petrol

₹3416

Honda Jazz

₹7.77 Lakhs - ₹10.08 Lakhs

Petrol

₹3416

How to Buy Honda Car Insurance Online within Minutes?

Here are the steps you can follow to buy a new Honda car insurance online:

 

  1. Visit Bajaj MARKETS online and move to the ‘Car Insurance Premium Calculator’ page section.

  2. Fill in the necessary details like your car’s registration number and your mobile number.

  3. Choose the Honda car insurance that is suited for your needs.

  4. Pay the car insurance premium online.

  5. Your Honda insurance policy will be sent to your email address upon successful payment of the premium.

How to Renew Honda Car Insurance in a Few Clicks?

Follow these five easy steps to renew your Honda insurance policy:

 

  1. Visit your car insurance company’s official website.

  2. Enter your car’s registration number and your contact details.

  3. Enter your previous policy details

  4. Check your Honda car insurance renewal premium.

  5. Make the payment online.

  6. Download a copy of your renewed Honda insurance policy.

Read More: Car Insurance Renewal

Why do you Need Honda Car Insurance?

What's the difference between driving and driving safely? The answer is ‘car insurance’.
You may be a great driver, but you are always exposed to certain risks while driving your Honda car. Unfortunate events such as accidents, theft, vandalism, etc., are some things that will be beyond your control. The repair and replacement of damaged parts after an accident can cost you up to ₹1 Lakh or more, even for a lower end Honda car model. Hence, an adequate Honda car insurance plan will protect your vehicle against such risks and compensate you for the loss incurred. Besides, having third-party car insurance for your Honda car is mandatory by law in India.

Which Honda Car Insurance is Right for you?

In India, we have two types of car insurance plans - Third Party Car Insurance and Comprehensive Car Insurance.

  • Third-Party Car Insurance

When you buy a new vehicle, it is mandatory by law under the Motor Vehicle Act of 1988 to have third-party insurance. The premiums for third-party car insurance are affordable, but the coverage provided by it is limited. With this plan, you will be covered for all the third-party liabilities. However, any damage to your vehicle is not covered under this plan.

  • Comprehensive Car Insurance

For extensive coverage, it is recommended to opt for comprehensive coverage. Even though the premiums charged are slightly more, comprehensive insurance provides all-around protection to you and your vehicle in case of accidents. Apart from covering all third-party liabilities, comprehensive plans also include the damage/loss incurred by your vehicle in case of accidents, theft, or loss due to natural and man-made disasters.

What Does Your Honda Car Insurance Cover?

A third-party car insurance covers any damages that are caused by your insured Honda vehicle to a third party. These damages include physical injuries, damages to property, damages to the vehicle, and death. A comprehensive car insurance policy covers third-party liabilities and damages caused to your insured vehicle due to theft, natural calamities, malicious acts, etc.

What is Not Covered in Your Honda Car Insurance?

Every policy has limitations. The things that are not covered under comprehensive Honda car insurance include damages incurred outside the stated geographical region, damages caused due to driving under the influence of intoxicants or overspeeding, etc.

Want to Enhance Your Honda Car Insurance? Get These Add-On Covers

Comprehensive car insurance allows you to extend the coverage with the help of add-on covers. Some of the add-on covers that you can buy with a comprehensive Honda car insurance plan are as follows:

  • Zero Depreciation

Zero depreciation cover allows you to receive full compensation on the claim made without having to factor in depreciation.

  • Return to Invoice

In case your vehicle is lost/stolen, you will receive the invoice value of your Honda car. The invoice value is nothing but the amount you pay at the time of purchasing the car.

  • No Claim Bonus (NCB) Protection Cover

With this cover under your name, the NCB in Car Insurance earned remains unaffected even after you make a claim on your car insurance plan.

  • Accessories Cover

This covers damages incurred to your Honda car’s accessories in case of any mishap.

Read more: Add-on Covers in Car Insurance

Things You Must Know While Filing a Claim for Your Honda Car Insurance

Honda car insurance ensures that your car is financially protected in the event of any unfortunate road accident or theft. Now that you know the basics about Honda car insurance, let’s understand the types of car insurance claims.

There are two types of Honda car insurance claims:

  • Claim Cashless Car Insurance for Honda Cars

With cashless claims, you can get your Honda car with accidental damages repaired at the nearest network garage. The insurer will directly pay the garage for incurred expenses.

  • Claim Reimbursement for Honda Cars

Here, you can get your car fixed at your preferred garage, pay the expenses, and raise a reimbursement claim against your policy. Upon claim approval, the settlement amount is transferred to your bank amount (minus the deductible, if applicable).

 

Take a look at the important documents that you will need for claiming your Honda car insurance:

 

  • Honda car insurance policy document

  • Honda car details

  • Insurer details

  • Details of the Incident

  • FIR copy in case of theft

  • Original bills and receipts of the vehicle repair

Read more: Car Insurance Claim Process

Tips to Reduce Honda Car Insurance Cost

Here are some easy ways to reduce the insurance cost for your Honda vehicle:

  • Maintain Your Honda Car in Good Condition

One of the deciding factors of your car insurance premium price is the condition of your vehicle. Make sure that you maintain your Honda car in good condition and get it serviced regularly to avail a lower premium.

  • Install Anti-Theft Devices in Your Honda Car

Install anti-theft devices like gear locks, anti-theft alarms and steering locks, etc. authorised by the Automotive Research Association of India (ARAI) to reduce your insurance premium.

  • Compare Honda Car Insurance Quotes

Make sure to compare the Honda car insurance quotes offered by various insurance companies to get the best car insurance plan that suits your needs!

  • Use No Claim Bonus Rewards

No Claim Bonus is a reward you can earn for not making any claims throughout the car insurance policy tenor. This bonus enables you to get a lower renewal premium on your Honda insurance policy.

Bottom line

To enjoy joyous and carefree long drives in your Honda car, it’s essential to get an appropriate Honda car insurance policy for it. The right car insurance can make sure that your car is financially secure during any untoward incidents. So, if you are looking to get car insurance for your Honda four-wheeler, take a look at the Car Insurance Plans available at Bajaj MARKETS now!

Check Out Car Insurance Plans Available at  Bajaj MARKETS

FAQs on Honda Insurance

  • ✔️What factors can affect my Honda car insurance premiums?

    The following factors can influence your Honda car insurance price -

    • Make and model of the vehicle

    • Age of the vehicle

    • Type of car insurance opted

    • City of vehicle registration

    • IDV of the vehicle

    • The cubic capacity of the Honda car

    • Year of manufacturing

    • Add-on covers (if any)

  • ✔️Will my Honda car be inspected before car insurance renewal?

    Mostly, yes. Depending on your claim history, the insurer will either ask you to submit a self-vehicle inspection report at the time of policy renewal or send a vehicle inspector for the same.

  • ✔️Will I lose the No Claim Bonus (NCB) if my Honda car insurance expires?

    The NCB benefits will stay put for up to 90 days after your Honda car insurance expires. If you fail to renew the policy within this time, you will lose the NCB earned.

  • ✔️Is it compulsory to buy car insurance for my Honda car?

    Yes. A third-party car insurance policy is mandatory by law under the Motor Vehicles Act, 1988, to legally drive on Indian roads.

  • ✔️What will happen if I do not have Honda car insurance for my new car?

    You will be issued a challan if you fail to present an active third-party Honda car insurance plan to the traffic police. Multiple violations can lead to license cancellation and/or imprisonment.

  • ✔️What is the fine for driving without a valid car insurance policy?

    The penalty for driving your Honda car without valid Honda car insurance is ₹2,000 and/or imprisonment up to three months for the first offence. For subsequent offences, the penalty is ₹4,000 and/or imprisonment of up to three months.

  • ✔️What is the formula to calculate IDV in Honda car insurance?

     The formula to calculate IDV (Insured Declared Value) is:
    IDV = (Manufacturer’s listed price – the Honda vehicle’s depreciation value) + (Cost of Honda vehicle accessories - the part’s depreciation value).

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