The following parameters impact vehicle insurance premiums in both the short-term and long haul:
Parameters that Affect Vehicle Insurance Premium
- Model/Make/Variant: The elemental composition, type, cubic capacity of the engine, etc., directly affect the motor insurance premium.
- Model/Make/Variant: The elemental composition, type, cubic capacity of the engine, etc., directly affect the motor insurance premium.
- Model/Make/Variant: The elemental composition, type, cubic capacity of the engine, etc., directly affect the motor insurance premium.
- Cover: Getting comprehensive coverage costs more than standalone third-party liability coverage, which leaves you underinsured.
- Add-Ons: Adding security features and cover like zero depreciation, passenger cover, etc., increases the premium amount.
- No Claim Bonus: You get a discount on policy premiums if you don’t raise a claim in the previous policy period.
- Deductibles: You can opt for the voluntary deductible to minimise the motor insurance premiums by contributing a predetermined amount.
- Anti-Theft Features: Installation of anti-theft devices certified by ARAI fetches better discounts on motor insurance premiums.
- Seller: Buying a policy from the seller directly instead of going to an agent reduces the motor insurance premiums.
- Digital Insurance: A digital-first plan comes with a variety of features at a lower price than the market for new purchase as well as renewal of the policy.
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