Car Insurance Premium: Rates, FAQs, Premium Payment Options & Calculators

Overview

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

Know about motor insurance, its costs, premiums, bonuses, discounts and more. ......

Voluntary Deductibles and Compulsory Excesses

Voluntary deductible is the portion of a claim that the customer is willing to bear voluntarily. Compulsory excess is the sum added to the customer's premium as a result of bad claims experience with ......

Can the insurance premium on my vehicle be reduced?

Insurance premiums can be reduced if you maintain a claims-free record. Insurers reward claims-free years with discounts on the succeeding year's premiums. ......

Auto Insurance Premium: Opinion

Discount on premiums for Voluntary Deductibles - private cars and two-wheelers

The tables given below enlist the voluntary deductibles for car insurance for private cars and two-wheelers. ......

What is No Claim Bonus?

No Claim Bonus is the discount that the insurer gives you for a claims-free year. The No Claim Bonus increases every claims-free year up to a maximum of 50% discount. ......

Voluntary Deductibles and Compulsory Excesses

How is the premium calculated on my vehicle?

The premium on a vehicle is calculated on the type of vehicle, its IDV, city of registration, period of coverage, and claims history. ......

Decision-making Corner

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