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Diesel, CNG and LPG cars: Low on fuel cost, but high on insurance

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Diesel, CNG and LPG cars: Low on fuel cost, but high on insurance

by ET

Posted on 24 Dec 2012

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The moment a CNG or LPG kit is fitted to a car its insurance premium goes up. Due to higher price tag on diesel vehicles their insurance premium is more than the petrol counterparts.

Exchanging your old petrol car for a diesel, CNG or LPG one may be a sensible way to save some money on fuel, especially if you drive a lot. You can also consider fitting a CNG or LPG kit in your old petrol car.

However, experts would warn you that you should be prepared to shell out more for maintenance of the car. What they won't tell you is that even your car insurance premium would go up with your change of car.

According to the terms and conditions of India Motor Tariff 2002, an additional premium of Rs60 per vehicle is to be charged towards liability cover on account of CNG/LPG system.

However, the actual difference can be big, depending on the make and age of the vehicle. There is no standard differential and the actual premium varies from model to model and insurer to insurer.

"As a broad rule of thumb, typically, there is a difference of approximately 10-20% in the own-damage premium between a petrol car and one running on other fuel types, including diesel, LPG and CNG," says Arun Balakrishnan, CEO, Berkshire Insurance.

Here are a few things you should remember about car insurance if you exchange your car for a diesel one or install LPG/CNG kit in your vehicle.

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srb

Nice article.

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Diesel, CNG and LPG cars: Low on fuel cost, but high on insurance

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Diesel, CNG and LPG cars: Low on fuel cost, but high on insurance

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