The Honda Elevate is Honda's compact SUV and one of the fastest-growing models in its segment —
rivalling the Hyundai Creta and Kia Seltos, and expanded since its 2023 launch with special editions like the
ZX Black Edition, Signature Black Edition, ADV Edition and Apex Edition, taking the lineup to 11 variants as of 2026.
Whether you own the base SV MT or the top-spec ADV Edition CVT, having the right car insurance is both a legal requirement and essential financial protection.
SMC Insurance helps you compare 30+ insurers, choose the right plan for your Elevate and get an instant policy in minutes —
with zero paperwork.
Third-Party Insurance (Mandatory) Third-party car
insurance is the minimum legal requirement under the Motor Vehicles Act, 1988, for every Honda Elevate on Indian roads.
It covers damage, injury, or death caused to a third party in an accident involving your car. It does not cover damage
to your own vehicle. While it carries the lowest premium, it leaves your Elevate — even the entry-level SV MT —
completely unprotected against accidents, theft, or natural calamities.
Comprehensive Insurance (Recommended) Comprehensive car insurance covers
third-party liability and your own vehicle damage — making it the strongly recommended choice for all Honda Elevate owners.
It protects against accidents, theft, fire, floods, earthquakes and other perils. Given that even Honda's most affordable
Elevate variant costs upwards of Rs. 11.60 lakh ex-showroom, comprehensive coverage ensures you are never left with a large out-of-pocket
repair bill. You can also add optional riders for enhanced protection.
Standalone Own Damage (OD) Policy If you already hold a valid third-party policy from another insurer, you can purchase a Standalone Own Damage policy separately to cover repair costs for your Honda Elevate. Standalone OD policies became available following IRDAI regulatory changes, giving car owners the flexibility to choose their own-damage insurer independently of their TP policy. Notably, as per updated IRDAI guidelines, even buyers of brand-new Elevates can now opt for the annual OD cover from an insurer of their choice separately from the mandatory 3-year TP policy bundled at the dealership — giving you the freedom to compare and switch OD insurers at every renewal. Learn more.
Honda Elevate Car Insurance Premium — Model-Wise Price Table
The insurance premium for your Honda Elevate depends on the variant, fuel type, IDV and the city of registration. The table below gives indicative premiums for popular Elevate variants for brand-new cars registered in
Zone A cities (Delhi, Mumbai, Chennai, Bengaluru, Kolkata, Hyderabad, Pune, Ahmedabad). Prices reflect the revised ex-showroom figures effective January 2026.
Car Model
Ex-Showroom Price (Approx.)
IDV (Approx.)
Zero Dep Add-on
Comprehensive Premium (Bundled)
Elevate SV MT
Rs. 11.60 Lakh
Rs. 11.02 Lakh
Rs. 2,800 approx.
Rs. 23,000 onwards
Elevate V MT
Rs. 12.06 Lakh
Rs. 11.46 Lakh
Rs. 2,900 approx.
Rs. 24,000 onwards
Elevate VX MT
Rs. 13.75 Lakh
Rs. 13.06 Lakh
Rs. 3,300 approx.
Rs. 27,000 onwards
Elevate ZX MT
Rs. 14.98 Lakh
Rs. 14.23 Lakh
Rs. 3,600 approx.
Rs. 29,500 onwards
Elevate V CVT
Rs. 13.91 Lakh
Rs. 13.22 Lakh
Rs. 3,300 approx.
Rs. 27,500 onwards
Elevate VX CVT
Rs. 15.50 Lakh
Rs. 14.73 Lakh
Rs. 3,700 approx.
Rs. 30,500 onwards
Elevate ZX CVT
Rs. 16.57 Lakh
Rs. 15.74 Lakh
Rs. 4,000 approx.
Rs. 33,000 onwards
Elevate ADV Edition MT
Rs. 15.29 Lakh
Rs. 14.53 Lakh
Rs. 3,700 approx.
Rs. 30,000 onwards
Elevate ZX Black Edition MT
Rs. 15.07 Lakh
Rs. 14.32 Lakh
Rs. 3,600 approx.
Rs. 29,800 onwards
Prices reflect Honda Cars India's January 2026 price revision. The lineup now also includes the Apex Edition and
Signature Black Edition. Premiums are indicative estimates for brand-new cars registered at Delhi (DL) RTO. Actual premiums vary by registration year,
variant, IDV chosen, city and insurer. Use the quote tool above for your exact price.
IRDAI Third-Party Premium Slabs for Honda Cars
Third-party (TP) premiums for private cars are regulated and notified by the Ministry of Road Transport & Highways (MoRTH)
in consultation with IRDAI. The TP rates currently applicable for the Honda Elevate are based on MoRTH Notification No. GSR 354(E) dated 28.03.2024:
Annual Third-Party Premium (Private Cars)
Engine Capacity
Annual TP Premium
Up to 1000cc
Rs. 2,094
1000cc to 1500cc
Rs. 3,416
Above 1500cc
Rs. 7,897
The Honda Elevate's 1498cc petrol engine falls in the 1000cc-1500cc slab,
meaning an annual TP premium of Rs. 3,416.
Note (June 2026): MoRTH and IRDAI have been in active discussion regarding a revision of TP premiums by up to 10% for private cars. No revised gazette notification has been formally issued as of June 2026. Honda Elevate owners renewing policies should check for the latest notification atmorth.nic.in before renewal.
Honda Models by CC Slab:
CC Slab
Honda Models
Up to 1000cc — Rs. 2,094 TP
None currently in Honda's active passenger car lineup
1000cc–1500cc — Rs. 3,416 TP
Honda Elevate (1498cc), Honda City (1498cc), Honda Amaze — 3rd Gen (1199cc)
Above 1500cc — Rs. 7,897 TP
Honda CR-V
Note: The Honda Jazz and Honda WR-V have been discontinued from the Indian market and are no longer available as new cars.
How IDV Is Calculated for Honda Elevate
The Insured Declared Value (IDV) is the maximum amount your insurer will pay in case of total loss or theft of your Honda Elevate. IDV is calculated based on the ex-showroom
price minus depreciation, as per IRDAI-prescribed depreciation rates:
Car Age
Standard Depreciation
IDV Retained
Less than 6 months
5%
95%
6 months to 1 year
15%
85%
1 to 2 years
20%
80%
2 to 3 years
30%
70%
3 to 4 years
40%
60%
4 to 5 years
50%
50%
For cars older than 5 years, IDV is agreed upon mutually between the insurer and the policyholder. Higher IDV means better coverage but slightly higher premium.
Always avoid choosing the lowest IDV to reduce premium - it leaves you under-insured in case of total loss. Per IRDAI guidelines, a vehicle is declared a
total loss if the cost of repairs exceeds 75% of its IDV, which makes choosing an accurate IDV critical for adequate compensation.
Honda Elevate Car Insurance Premium by City
IRDAI classifies Indian cities into Zone A and
Zone B for motor insurance pricing. Zone A cities carry slightly higher premiums due to greater traffic density,
accident frequency and theft rates.
Zone A Cities: Delhi, Mumbai, Chennai, Bengaluru, Kolkata, Hyderabad, Pune, Ahmedabad
Zone B Cities: All other cities and towns in India
Estimated Premium for a 3-Year-Old Honda Elevate VX MT Petrol:
Zone
Estimated Comprehensive Premium
Zone A (e.g., Delhi, Mumbai)
Rs. 13,500 – Rs. 18,000
Zone B (e.g., Coimbatore, Jaipur)
Rs. 11,500 – Rs. 15,500
Premiums vary further based on insurer, IDV, NCB and add-ons selected.
No Claim Bonus (NCB) on Honda Elevate Car Insurance
If you haven't made any claim during a policy year, you earn a No Claim Bonus (NCB) - a discount applied to the own-damage (OD) portion of your premium at renewal.
NCB is one of the most valuable benefits for careful Honda Elevate owners.
Claim-Free Years
NCB Discount
1 year
20%
2 consecutive years
25%
3 consecutive years
35%
4 consecutive years
45%
5 consecutive years
50%
Key NCB Facts:
NCB belongs to the owner, not the car — it transfers when you change insurers.
NCB is lost if you make an own-damage claim during the policy year.
You can protect your accumulated NCB with an NCB Protect Add-on —
especially useful for high-NCB policyholders (45–50%).
Add-on covers for Honda Elevate car insurance
Standard comprehensive insurance can be enhanced with optional add-on covers. The most useful ones for Honda Elevate owners are:
Zero Depreciation Cover (Zero Dep):
At the time of a claim, insurers normally deduct depreciation from parts (plastic, rubber, glass, metal). Zero Dep eliminates this deduction — you receive the full repair or replacement cost without any depreciation cut. Strongly recommended for Honda Elevate under 5 years old. Visit SMC Insurance to learn more.
Engine protector cover
Covers damage to the engine and gearbox caused by water ingression, hydrostatic lock, or leakage of lubricating oil — events not covered under standard comprehensive policies. Particularly important for Elevate owners driving in flood-prone areas. Visit SMC Insurance to learn more.
Return to invoice (RTI) cover
In case of total loss (theft or beyond-economical-repair damage), RTI pays you the original invoice value of your Honda Elevate — not just the depreciated IDV. Strongly recommended for new Elevate cars in their first 1–3 years. Visit SMC Insurance to learn more.
Roadside assistance (RSA)
Provides 24x7 help if your Elevate breaks down anywhere — towing, battery jump-start, flat tyre assistance, emergency fuel delivery and more. Available from most insurers at a minimal additional premium. Visit SMC Insurance to learn more.
Key and lock replacement cover
Covers the cost of replacing lost or damaged car keys and locks — a practical and affordable add-on for urban Elevate owners. Visit SMC Insurance to learn more.
Tyre protection cover
Covers repair or replacement of damaged tyres and tubes due to
accidental damage, bulging, or burst — expenses not covered under standard policies.
Consumables cover
Covers the cost of consumables like engine oil, coolant, nuts and bolts, grease and other items usually excluded from
standard claims. Useful for Elevate owners who want maximum claim settlement without deductions.
Pay As You Drive (PAYD) cover
As per the IRDAI Master Circular on General Insurance (June 2024), insurers are now required to offer Pay As You Drive as a first-choice option under motor insurance. Under this model, the own-damage (OD) premium is linked to the kilometres you drive annually — the less you drive, the lower your OD premium. Third-party coverage remains mandatory and is unaffected. PAYD is particularly useful for Honda Elevate owners who use the car occasionally, work from home, or have a second vehicle — with potential OD premium savings of up to 30–40% for low-mileage drivers.
NCB protect
Allows you to make one own-damage claim in a policy year without losing your accumulated NCB. Highly recommended for Elevate policyholders with 35–50% NCB.
Get the right add-ons for your Car
Compare quotes from 30+ insurers and choose the add-ons that suit your car, city and budget — in minutes.
The insurance landscape for Honda Elevate owners has seen several meaningful regulatory changes in recent years. Here's what you should know before your next purchase or renewal:
Digital Policy Storage is Now Valid: IRDAI now allows motor insurance policies to be stored digitally in DigiLocker or mParivahan. A soft copy on your phone is legally valid during traffic checks and at the time of a claim — you are no longer required to carry a physical document at all times.
OD Cover Portability from Day One: While the 3-year TP policy remains mandatory for new private cars at the dealership, the own-damage (OD) cover can be purchased as a separate annual policy from any insurer of your choice — giving you the flexibility to compare and switch OD insurers at every renewal without affecting TP continuity.
Compulsory Deductible: The standard compulsory deductible for cars with engine capacity up to 1500cc is Rs. 1,000. For the Honda Elevate (1498cc), this deductible applies on every own-damage claim and is not waivable unless a specific add-on is in place.
Total Loss Threshold: A vehicle is declared a total loss if repair costs exceed 75% of its IDV — reinforcing why choosing an accurate, market-value IDV is critical for adequate compensation.
Pay As You Drive (PAYD): Elevate owners who drive less than 8,000–10,000 km/year may benefit from meaningfully lower OD premiums under this model.
TP Premium Revision (Watch This Space):MoRTH and IRDAI are in active discussion about revising TP premiums for private cars. The current rates (effective MoRTH Notification GSR 354(E), March 2024) remain in force as of June 2026. Watch for updated gazette notifications atmorth.nic.in before your next renewal.<
What Is Covered And Not Covered Under Honda Elevate Car Insurance?
Covered (Inclusions)
Accidental damage to your Honda Elevate
Theft or total loss of the vehicle
Damage due to fire, explosion, or self-ignition
Damage due to natural calamities — floods, earthquakes, cyclones, storms
Man-made calamities — riots, strikes, terrorism
Third-party bodily injury or death
Third-party property damage
Personal accident cover for the owner-driver (compulsory — Rs. 15 lakh cover)
Transit damage (road, rail, air, inland waterway)
Not Covered (Exclusions)
Normal wear and tear of parts
Mechanical or electrical breakdown
Damage while driving without a valid licence
Damage while driving under the influence of alcohol or drugs
Damage due to war, nuclear risks, or radioactive contamination
Consequential losses
Claims arising from use of vehicle for hire/reward (unless commercial policy)
Depreciation on replaced parts (unless Zero Dep add-on is active)
How to Buy or Renew Honda Elevate Car Insurance Online at SMC
On the homepage, click the insurance category you want - "Car Insurance".
Step 3
Enter your registered vehicle number and click on "View Quotes".
Step 4
The upcoming prompts will ask you for your vehicle details like brand, model, fuel type, variant and respective RTO.
Step 5
Once given, you can check the policy start and end date, confirm NCB details and view quotes from various insurers.
Step 6
On submission, SMC will display a list of available plans or quotes from partner insurers. You can view plan details like coverage, benefits, inclusions/exclusions, add-ons (if available), insured declared value (for vehicles), etc.
Step 7
Compare the available options and consider things like third-party vs comprehensive, add-ons (e.g. zero-depreciation, roadside assistance) as per your needs.
Step 8
Once you select the plan you want, click the button labeled "Buy Now".
Step 9
Fill out your personal details as required (owner name, address, contact, driving licence/RTO info). Ensure all details are accurate.
Step 10
Make the payment via the online gateway. After payment confirmation you will receive your policy document electronically (through email or website account).
Step 11
Once everything is processed, your insurance policy becomes active. You may store a digital copy in DigiLocker or mParivahan — it is legally valid during traffic checks and at the time of a claim.
Throughout the buying process, you have the option to contact the SMC Team for any kind of
support you need.
Renewing Existing Insurance:
To renew insurance you will have to follow a similar process:
Enter your registration number above.
Your existing policy details are fetched automatically.
Review your current insurer's renewal quote.
Compare with other insurers for a better rate.
Apply your NCB discount and choose add-ons.
Pay and get instant renewal — no inspection required for timely renewal.
Why Buy Honda Elevate Car Insurance Through SMC?
30+ Insurers Compared: Get quotes from HDFC ERGO, Tata AIG, Bajaj Allianz, ICICI Lombard, New India, SBI General and more in one place.
100% Online, Zero Paperwork: Buy or renew in under 2 minutes from your phone or laptop.
Dedicated Claim Support: SMC's in-house claims team assists you from intimation to settlement.
4.1/5 Google Rating: Verified customer reviews reflect our service quality.
Instant Policy Issuance: Policy document sent to your email and WhatsApp immediately on payment.
Summing Up
Choosing the right insurance for your Honda Elevate ensures that your SUV stays protected on every journey. Whether you opt for a budget-friendly third-party policy to meet legal requirements or a comprehensive plan with the right add-ons to secure your Elevate's full value, SMC Insurance makes the process effortless. Compare quotes from over 30 leading insurers, leverage your No Claim Bonus and secure instant digital protection for your Honda Elevate today — with zero paperwork and complete peace of mind.
Disclaimer: The information provided on this platform is intended for general awareness and educational purposes. While every effort is made to ensure accuracy, some details may change with policy updates, regulatory revisions, or insurer-specific modifications. Readers should verify current terms and conditions directly with relevant insurers or through professional consultation before making any decision.
All views and analyses presented are based on publicly available data, internal research, and other sources considered reliable at the time of writing. These do not constitute professional advice, recommendations, or guarantees of any product's performance. Readers are encouraged to assess the information independently and seek qualified guidance suited to their individual requirements. Customers are advised to review official sales brochures, policy documents, and disclosures before proceeding with any purchase or commitment.
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Smooth Process
I purchased my car insurance from SMC, and it has truly been worth it. When my car caused third-party damage, I simply shared the photos and videos with them. Thanks to Sachin, the customer executive, my insurer settled the claim within just a week. Really satisfied with the service!
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Yes, under the Motor Vehicles Act, 1988, every Honda Elevate on Indian roads must carry at least a valid
third-party liability policy. Driving without insurance attracts a fine of Rs. 2,000 and/or up to 3 months' imprisonment for the first offence, and Rs. 4,000 for repeat violations, under the Motor Vehicles (Amendment) Act, 2019. Given the Elevate's premium positioning in the competitive compact SUV segment, comprehensive coverage with the right add-ons is strongly recommended over bare-minimum TP cover.
The legal minimum for your Honda Elevate is a third-party (TP) policy. For a newly purchased Elevate, a 3-year bundled TP policy is mandatory at the dealership. However, as per updated IRDAI guidelines, the own-damage (OD) cover can now be purchased separately — as an annual policy from any insurer of your choice — even from day one of ownership, giving you the freedom to compare and switch OD insurers at every renewal. Given the Elevate's ex-showroom price starting at Rs. 11.60 Lakh, a TP-only policy leaves your SUV completely unprotected against own damage, theft, and weather events — comprehensive insurance is essential.
IDV equals the ex-showroom price of your Honda Elevate minus IRDAI-mandated depreciation. An Elevate SV priced at Rs. 11.60 Lakh that is 1 year old would carry an IDV of approximately Rs. 9.86 Lakh (after 15% depreciation). Always choose an IDV as close to the market value as possible — a low IDV reduces your premium marginally but leaves you significantly under-compensated in a total loss or theft case.
Yes, your No Claim Bonus is fully transferable when switching insurers at renewal. You will need an NCB certificate or your previous renewal notice as proof. NCB belongs to you as the owner — not to the vehicle — so it carries forward even if you change cars. Five consecutive claim-free years earns a 50% discount on OD premium, making it one of the most powerful cost-saving tools for Honda Elevate owners.
Yes, standard comprehensive insurance covers damage caused by floods, waterlogging, cyclones, and storms. However, engine damage arising from hydrostatic lock — water entering the engine while driving through a flooded road — is excluded unless you have an Engine Protector add-on. Honda Elevate owners in flood-prone metros like Mumbai, Chennai, and Hyderabad should add Engine Protector cover to avoid bearing expensive engine repair costs out of pocket.
A lapse of over 90 days will require a pre-acceptance physical or digital inspection of your Honda Elevate before reinstatement. You also lose all accumulated NCB — potentially a 50% OD discount built over five years. For gaps under 90 days, most insurers renew without an inspection. Always renew before the expiry date to protect your NCB, avoid inspection inconvenience, and remain legally compliant on Indian roads.
In the event of total loss (theft or beyond-economical-repair damage), a standard policy pays only the IDV — which is lower than your original purchase price due to depreciation. Return to Invoice (RTI) cover pays you the original invoice value of your Honda Elevate, including GST and registration costs. For a new Elevate in its first 1–3 years, RTI can mean a recovery of Rs. 1–3 Lakh more than IDV alone — making it a highly recommended add-on. Learn more at smcinsurance.com/motor-insurance/car-insurance/return-to-invoice-cover-rti-in-car-insurance.
Every Honda Elevate insurance policy mandatorily includes a Compulsory Personal Accident (CPA) cover of Rs. 15 lakh for the owner-driver. This covers accidental death or permanent total disability while driving. Optional PA cover for co-passengers can be added as a rider. The CPA premium is Rs. 750/year and is included in your bundled premium — it cannot be opted out of unless you hold a separate standalone personal accident policy.
Pay As You Drive (PAYD) is a type of comprehensive own-damage insurance where the OD
premium is linked to the number of kilometres you drive annually rather than a flat yearly fee.
As per the IRDAI Master Circular on General Insurance (June 2024), insurers are required to offer
PAYD as a first-choice option at the point of sale. It is available for the Honda Elevate and is
particularly beneficial for owners who drive less than 8,000–10,000 km per year — such as those
who work from home or have multiple vehicles — with potential OD premium savings of up to 30–40%.
The third-party premium component remains fixed and is unaffected by mileage.
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