Clause (a) to section 17 (5 ) , declares motor vehicles and other conveyances as blocked credit, subject to certain exceptions. Accordingly no ITC is available in respect of motor vehicles
If you are into the business of renting / leasing car/ Conveyence / Training ----> Yes can claim ITC input credit on both car and Insurance premium.
However if you are in some other business, where the car is used for furtherance of business ----> you cannot claim ITC on Car only, but ITC on insurance & other accessories is not blocked.
Therefore there is no restriction on ITC towrds Insurance paid .so you can claim ITC on insurance premium..