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MG Car Insurance

MG is a British automotive company founded in the 1920s. It is famous for its two-seater sports car along with coupes and saloons, with up to three-litre engine sizes. In India, the company was launched under the leadership of SAIC Motor Corporation Limited, which is the 7th largest automobile company globally. Furthermore, the top models from MG have been rated with a 5 star by ANCAP.

If you happen to own an MG car or are planning to buy one, you must also consider purchasing MG insurance alongside. This will provide you with financial assistance in case of any loss or damage sustained by your vehicle.

Check Insurance Premium for Popular MG Models

As of now, a total of 4 MG car models are on sale in India, all of which are SUVs. The MG car price (ex-showroom) starts at Rs. 9.98 Lakhs and goes up to Rs. 39.50 Lakhs. Note that the ex-showroom price differs from the MG car on road price.

Find details regarding MG insurance costs for top-selling car variants in the following table:

MG CAR VARIANTS

EX-SHOWROOM PRICES

Fuel Type

ESTIMATED THIRD-PARTY PREMIUM

Astor Sharp CVT

Rs. 12,00,000

Petrol

Rs. 7,897

Hector Sharp Diesel MT

Rs. 15,00,000

Diesel

Rs. 7,897

Gloster Sharp 7-Str

Rs. 27,00,000

Diesel

Rs. 7,897

Hector Plus Sharp CVT

Rs. 15,00,000

Diesel

Rs. 7,897

Note that the above-mentioned information regarding MG insurance price in India is for the continued models of this brand. The insurance cost might vary for other variants. You can visit the Bajaj MARKETS website to check the cost of insurance and apply for one.

How to Buy MG Car Insurance Online

Besides knowing MG car variants, it is also crucial for you to know the steps for purchasing MG insurance online. Find them below:

 

Step 1: Visit the car insurance calculator and navigate to the application form

 

Step 2: Provide necessary details regarding your car and enter your mobile number

 

Step 3: Choose a plan and purchase add-on covers as per your need

 

Step 4: Pay the premium online

 

After following these steps, you will receive your policy documents on your email ID.

How to Renew MG Insurance Online

Upon purchasing your car insurance policy, it is essential to renew it before the end of the policy term. If you fail to do so, you might end up paying higher premiums.

Go through the following steps to renew your car insurance policy online:

 

Step 1: Open the car insurance renewal page

 

Step 2: Enter your mobile number and car registration number

 

Steps 3: Enter your previous policy details

 

Step 4: Review the details about your plan and modify add-on covers as per your need

 

Step 5: Pay the premium

 

That’s it. Your renewed policy will be sent to you.

Read More: Car Insurance Renewal

Reasons to Get MG Insurance

You must know that insuring your car is a legal mandate as per the Motor Vehicle Act, 1988. If you are found driving without active insurance, you will have to bear penalties. With this insurance cover, you will get complete coverage against loss or damage sustained by a third-party. If you are involved in an accident with another motorist or a pedestrian, your insurer will pay the medical bills or repair costs of that individual. By purchasing a well-rounded comprehensive car insurance policy, you do not need to worry about covering the repair costs of damages to your vehicle as your insurer takes care of everything.

Types of MG Insurance Plans

Upon approaching Bajaj MARKETS for MG insurance, you will find several policy options. You must make sure to purchase a plan that provides maximum coverage and fits within your budget.

Having said that, you can choose between the following two types of MG insurance plans:

  • Third-party car insurance

This is the basic car insurance plan that provides against loss or damage to a third-party. You might choose a personal accident cover on top of this plan to enhance its benefits. Moreover, as per the Motor Vehicle Act, 1988, it is mandatory for every motorist in India to have an active third-party car insurance.

  • Comprehensive car insurance

As opposed to third-party insurance, a comprehensive car insurance policy provides coverage to the third-party as well as your own vehicle. It extends extensive coverage against loss or damage to the vehicle due to theft and natural or man-made calamities. This plan also comes with add-on covers, which helps in enhancing the coverage benefits.

Since the insurance cost of both these plans varies, you must check the MG car insurance quotes before making a purchase decision.

Inclusions and Exclusions in MG Insurance Plan

Every car insurance plan comes with various inclusions and exclusions that you must be aware of. Find out about them below:

Common inclusions

  • Damage or loss due to natural or man-made calamities

  • Personal accident cover

  • Theft of vehicle

  • Coverage against third-party liabilities

  • Damage due to an accident

Common exclusions

  • Electrical breakdown

  • Regular wear and tear of the vehicle

  • Damage or loss while driving under the influence of alcohol or any other substance

  • Damage or loss while driving without a valid driving licence

  • Loss or damage incurred during a war-like situation

  • Loss or damage caused by an inactive policy

  • Damage or loss due to any malicious activity

Add-on Covers for Your MG Insurance Plan

One of the highlights of MG car features is its new age connected car technology, which helps control various car functions through a mobile application. However, considering the substantial amount of investment you put into your car purchase, it is imperative to add maximum protection to this asset.

As such, you can consider purchasing the following add-on covers to enhance your policy coverage, as per your requirements:

  • Lock and key replacement cover

With this lock and key replacemen add-on cover, you get coverage for the replacement cost of your car keys if you lose them or they are stolen.

  • Personal baggage cover

Personal baggage cover provides protection to your personal belongings during an unfortunate accident.

  • NCB protection cover

No claim bonus is a discount that you earn for not making a claim during a particular policy term. This discount starts from 20% and can reach up to 50%. With an NCB protection cover, you ensure that your no claim bonus stays intact even if you raise a claim.

  • Zero depreciation cover

A zero depreciation cover ensures that your insurer settles the claim amount without considering the yearly depreciation of your vehicle. This enhances the claim amount.

  • Engine protection cover

Replacing or repairing your car’s engine might impact your monthly savings. To steer clear of such issues, you can purchase this engine protection add-on that covers damage caused to the car’s engine due to water seepage, oil leakage or other issues.

Read More: Add-on covers for car insurance

MG Insurance Claim Process

After purchasing a car insurance plan, the next vital step is to understand the claim process. Typically, insurance companies extend two ways for policyholders to make a claim - cashless claim and reimbursement claim.

In the cashless claim method, the insurance company directly settles the bill with the garage. However, you need to visit a network garage for repairs to avail of this facility. Meanwhile, in a reimbursement claim, you need to make out-of-pocket expenses for repairing your car after meeting an unfortunate accident. After that, you need to visit your insurer with the necessary documents to claim reimbursement.

Mentioned below is the process to raise a claim under both these processes:

  • Cashless claim

Step 1: Inform your insurer about the accident

 

Step 2: Take your car for repairs at a network garage

 

Step 3: Submit the necessary documents to your insurer

 

Step 4: Wait for the insurer’s approval

  • Reimbursement claim

Step 1: Inform your insurer about the accident

 

Step 2: File an FIR in case of theft or third-party damage

 

Step 3: Take your vehicle to a garage of your choice for repairs

 

Step 4: Submit original repair bills to the insurer

 

Step 5: Wait for the insurer’s approval

 

Upon verification, you will receive the reimbursement.

 

While filing an insurance claim, you need to furnish a few documents, such as:

 

  • Vehicle details

  • Policy documents

  • Copy of FIR

  • Detail of the accident

  • Repair bills and original invoice

Read More: Car Claim Settlement Process

Ways to Reduce MG Insurance Cost

You can reduce the cost of your car insurance by following a few simple tips. Find them below:

  • Don’t opt for too many upgrades or modifications

If you modify your car in any way, such as by installing an electronic device or a CNG kit, consider informing your insurer about the same. This is because too many upgrades or modifications can affect your premium.

  • Purchase only those add-on covers that are absolutely necessary

Purchasing only the essential add-on covers will ensure that you do not have to pay an exorbitant amount towards insurance premium. This is because these plans come at an additional cost. Thus, the more add-on covers you purchase, the more premium you will have to pay.

  • Take proper care of your car

It is always recommended to take proper care of your car to manage your MG car maintenance cost. Besides, proper maintenance also reduces the chances of sudden breakdowns. This way, your insurer might consider lowering the premium amount.

  • Avoid making small claims

Consider making out of pocket expenses to cover minor vehicle issues, such as a scratch or dent. By doing this, you will ensure that your no claim bonus remains untouched. Thus, you will be able to receive a discount on premium by up to 50% for 5 consecutive claim-free policy years.

  • Install anti-theft devices on your vehicle

Insurance companies tend to lower the insurance premium for vehicles which are high on safety. As such, you can consider installing anti-theft devices, such as anti-theft alarms and gear locks to avoid car theft. This way, you can receive a discount on your insurance premium.

  • Raise your deductible

Deductible is the proportion of repair bills you have to pay out of your pocket before raising an insurance claim. The higher the deductible, the lower amount of premium you are required to pay. Thus, if you are confident about your driving style, you can raise your deductible and pay lower premiums towards your car insurance plan.

Ensure to keep these points in mind before buying an MG insurance plan. Additionally, consider checking the insurance IDV for an informed purchase decision.

To Conclude

With this, we hope you have understood the benefits and importance of opting for MG insurance for your vehicle. You can easily secure your four-wheeler against the risk of theft, fire or accident with a comprehensive insurance plan. But if you are still putting it off, head over to Bajaj MARKETS and safeguard your car today! With easy renewals, speedy claim settlements and extensive coverage, you can get a suitable car insurance plan on our platform!

Check Out Car Insurance Plans Available at Bajaj MARKETS

FAQs on MG Car Insurance

  • ✔️What is the MG four-wheeler insurance premium price?

    The MG insurance price varies based on numerous factors such as area of residence, fuel type of the car, age of your four-wheeler, engine capacity, etc.

  • ✔️Is third-party MG insurance compulsory?

    Yes. You must purchase a third-party car insurance policy for your vehicle to drive legally on Indian roads.

  • ✔️What is IDV in car insurance?

    IDV or Insured Declared Value is the maximum amount that the insurance company shall payout to compensate for total damage or the theft of your MG car.

  • ✔️Can I transfer the NCB of my MG car insurance while switching insurers?

    Yes, you can transfer the NCB reward of your existing MG insurance plan while switching insurers!

  • ✔️Do I need to carry my insurance policy while driving my vehicle?

    Yes, you must carry your car insurance policy document while driving your vehicle without fail.

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