<\/span><\/h2>\n\n\n\nInsurance companies determine auto insurance rates using several parameters, including the driver\u2019s age, gender, driving record, the area where the vehicle may be driven, and vehicle\u2019s make, model, variant, and brand. Your car purchase decision also has a bearing on your car insurance rates. Insurance companies calculate insurance premiums, keeping in mind the Insured Declared Value (IDV).<\/strong><\/p>\n\n\n\nIDV refers to the current value of the car for which insurance is purchased. The insurance company declares No claim bonus if you do not cause any accidents in a particular year. In the subsequent year, your motor premium may reduce by as much as 50%. No claims bonuses are attached to the policyholder and not the car. Hence, it is transferable from insurer to insurer or from car to car.<\/p>\n\n\n\n
Aftermarket modifications to your vehicle can increase your premium payable. If you install anti-theft devices on your car, your insurance premiums will reduce as the probability of theft is reduced. The age of the car also determines the amount of insurance cover. The age of the car reduces its IDV and hence lowers the premium rates. New cars have higher IDVs with commensurately higher premiums.<\/p>\n\n\n\n
<\/span>Wide network of garages<\/strong><\/span><\/h2>\n\n\n\nLook for a car insurer who has a large number of garages that repair and service the cars. Car insurance companies have an extensive network of garages, just like medical insurance companies with an extensive network of hospitals. This network helps in getting your repairs done on a cashless basis or payment of a small amount.<\/p>\n\n\n\n
<\/span>Key takeaways<\/strong><\/span><\/h2>\n\n\n\nThe main purpose of buying car insurance is to protect against the financial consequences of loss and not merely protection. Loss may occur due to accidents, natural causes, or theft. Buying car insurance online makes the process seamless. You can do more research and make an informed decision. Understand the policy coverage, inclusions and exclusions, thoroughly. This way, you cannot go wrong. With a little due diligence and research, you can purchase a car insurance policy that is tailored to your budget.<\/p>\n","protected":false},"excerpt":{"rendered":"
India is the fifth-largest auto market with 3.5 mn. units sold in passenger and commercial vehicles, according to the IBEF. The market for electric vehicles may scale up to reach Rs. 50,000 cr. by 2025. All of us own or have aspired to own a car in our lives. Buying car insurance goes hand in<\/p>\n","protected":false},"author":27,"featured_media":6631,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[8,1737],"tags":[],"acf":[],"modified_by":"Aradhana Gotur","jetpack_featured_media_url":"https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2022\/01\/TT-2-Dec-Comprehensive-Insurance-Policy-BB.jpg?wsr","_links":{"self":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/6627"}],"collection":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/comments?post=6627"}],"version-history":[{"count":2,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/6627\/revisions"}],"predecessor-version":[{"id":6630,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/6627\/revisions\/6630"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media\/6631"}],"wp:attachment":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media?parent=6627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/categories?post=6627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/tags?post=6627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}