The premium of a new car depends up on the showroom price of the car. The premium of an old car is calculated on the basis of what is known as its Insured Declared Value (IDV). The IDV is basically the depreciated value of the vehicle agreed upon by the insurer and the policyholder. The IDV of a vehicle reduces with age.
Auto Insurance Premium: Basics
Motor Insurance FAQs on Cost, Premiums, Bonus, Discounts, Renewals
Voluntary Deductibles and Compulsory Excesses
Can the insurance premium on my vehicle be reduced?
Auto Insurance Premium: Opinion
- Discount on premiums for Voluntary Deductibles - private cars and two-wheelers
- What is No Claim Bonus?
- Voluntary Deductibles and Compulsory Excesses
- How is the premium calculated on my vehicle?
- Term Insurance comparator
- Mediclaim comparator
- Endowment vs. Whole Life Comparator
- Should I Continue My Whole life Policy?