Travel Insurance For Cancer Patients
Car insurance will protect you financially if you experience financial loss or liability due to an accident. It shields you from monetary obligations if your car is stolen, damaged, or destroyed in an accident, fire, or other calamity caused by nature or human activity. The kind of car insurance policy you choose will determine the type of coverage you get under it.
Typically, there are two categories of car insurance policies:
- Third-Party Car Insurance: Third-party car insurance only covers losses (such as passing away, disfigurement, injury, and more) to a third party or their property. You and your car are not covered. The Indian Insurance Regulatory and Development Authority (IRDAI) calculates and reviews third-party car insurance rates annually. Claims are subject to terms and conditions set forth under the car insurance policy. #*
- Comprehensive Car Insurance: A comprehensive car insurance plan offers complete protection against third-party, personal, and property liability and for any damage brought on by your vehicle (including theft, robbery, collision, and other events). For an additional fee, you can also benefit from various options like zero depreciation, roadside assistance, personal accident insurance, and more. This plan offers comprehensive vehicle protection, making it ideal for all car owners. Claims are subject to terms and conditions set forth under the car insurance policy. *
For your vehicle’s complete protection, it is, therefore, advisable to purchase comprehensive car insurance.
Selecting The Ideal Car Insurance Policy:
What Is IDV, And Why Is It Important?
Your car insurance is an ongoing financial commitment. Additionally, you might only receive part of the total amount of your insurance benefit when you claim it. The IDV is the primary reason for the deduction. The maximum amount insured, or insured declared value (IDV), is the sum that your insurance company has agreed to pay you (the vehicle owner or policyholder) in the event of theft or a partial or total loss. IDV is, in other words, the estimated current market value of your insured vehicle. *
Why Is The IDV For Comprehensive Car Insurance Required To Be Correct?
The IDV of car insurance is essential for comprehensive car insurance. The IDV of the vehicle directly impacts two elements of car insurance policies. The cost of the claim comes second, followed by the premium for car insurance.*
Insurance Premium
The cost of a comprehensive car insurance policy is inversely correlated with the IDV of the vehicle. A car insurance policy premium will increase if the IDV is higher. To avoid paying a high premium for car insurance, it is crucial to choose an IDV value. If you purchase comprehensive car insurance, keep an eye on your budget. Before buying a car insurance policy, check the IDV and premium using a car insurance calculator.*
How Do You Figure Out IDV For Your Car Insurance?
The manufacturer’s suggested retail price and brand model affect your car’s IDV. The percentage of depreciation will be higher the older the vehicle is.
An IDV calculator calculates using the rolling formula: [(Manufacturer’s Listed Selling Price) – Sales Tax – (Accessories Excluded – Depreciation)] – (Depreciation + Registration + Insurance Costs).
* Standard T&C Apply
# Visit the official website of IRDAI for further details
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
