PART II

What kind of policy is the best for Indian roads?

We would recommend comprehensive policy or an all inclusive policy. This form of insurance coverage is the one that pays for damages to your car that happen for reasons other than a collision, including theft, storm damage, fire and vandalism. This coverage will have a deductible attached, and the rate of the car insurance coverage goes down as the deductible goes up. This type of insurance coverage will be required on any loan you may have on the vehicle.

How are motor insurance rates determined?

Insurance companies utilize statistical history to determine the rates needed to cover any potential claims and business expenses. Several factors are used to determine your specific rate, including but not limited to, your age, the make and model of your car, your driving record, the car’s purpose, where your drive, where the car is garaged etc.

How do insurance company calculate premium?

The insurance premium depends on the car's value, the engine power, its seating capacity, type of vehicle, age of vehicle, city of registration, period of coverage, the value of other accessories like the air-conditioner, music system etc.

How is Insured’s declared value (IDV) of the vehicle determined?

The IDV of the vehicle is to be fixed on the basis of, manufacturer’s listed selling price of the brand and model, the vehicle proposed for insurance at the commencement of insurance /renewal and less depreciation for usage.

Why do rate quotes vary depending on the insurance company?

An insurance company’s claim experience, the types of people they insure and cost for doing business vary from company to company and may cause rates to differ - even by hundreds of dollars. The city in which car is registered, affects the premium amount, irrespective of where its used and where the insurance is renewed.

CONTD. . .

To understand the nuances of different types of policies and its price, feel free to seek the help of InsuranceMall to select the right products based on your need. Or you can directly call them on +91-22-30503050

InsuranceMall is the leading and first online insurance broker in India. With the motto to make our customer delighted and proud about their decisions, we’re always there to help them with best possible policy