Yes, Goods and Services Tax or GST is charged on vehicle insurance plans.
The current GST rate for vehicle and car insurance is 18% that you must pay through the insurance premium amount.
Third-party motor insurance is mandated under the Motor Vehicles Act, 1988. If you do not have a valid insurance plan, you will have to bear a hefty penalty.
A comprehensive car insurance premium is made up of three key components, which include third-party (Liability) cover, Own Damage (OD) cover, and Personal Accident (PA) cover.
To buy online car insurance on Finserv MARKETS, follow the below steps:
Go to the ‘Car Insurance’ section on Finserv MARKETS
Select the type of insurance policy you want
Fill in the required details in the application form
Add the required add-on covers to your plan
Review the policy terms
Pay the premium online
You shall receive the car insurance policy document soon!