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Top Factors Affecting Your Car Insurance Premium

The majority of insurance buyers only pay attention to the brand and the policy they are opting for. If you are not prudent enough to carefully pick the best personal or commercial vehicle insurance online you might risk paying higher premiums than usual. Choosing your vehicle insurance from the best brand is also equally important. You can get the best-selling Acko car insurance for your personal or commercial vehicle without any hassle.

 

To help you make a wise car insurance purchase to get the best deals on premiums, we have listed some of the top factors that affect your car insurance premium rates. So, read to know more!

 

Insured Declared Value/IDV

The amount that reflects the current market price of your car is known as the Insured Declared Value, or IDV. This value, which is usually set by your insurance provider, is the estimated current value of your car after depreciation. The IDV of your car reduces over time as the value of your vehicle lowers due to the depreciation. However, the higher your car’s IDV, the higher the car insurance premium will be. You can also check the IDV of your commercial vehicle insurance online before actually opting for it. 

 

Car Owner’s Driving Record

It is usually the case that the cost of your car insurance premium has as much to do with you as it does with your car. The premium of your car insurance in India is generally determined by the car owner’s driving record, meaning that the better you drive, the better the rates of your car insurance premium will be. Acko car insurance is one of the best in the Indian market which you can definitely purchase. 

 

The Model and Build of the Car

It’s also very important to consider the class and model of your car. Riskier cars, such as sports cars, have a higher premium than slower, standard ones. Cars with more cubic capacity or cars that run on gas or CNG also have higher premiums. You can check the cost of your commercial vehicle insurance online now. 

 

Safety features

Having an efficient car lock or anti-theft system installed can help you get a discount on your overall car insurance premium. In addition to alarms, the other kinds of anti-theft devices can help alert the owner when a theft is attempted or they are being broken into. More advanced cars today come with GPS, which helps to track them down. In addition to lowering your Acko car insurance rates, these features also play a very practical role. 

 

Depending on the coverage you choose

Based on the amount of coverage that your car needs, your personal or commercial Acko car insurance premium could be higher or lower. Comprehensive coverage will normally entail a higher premium but it is also important, while third-party coverage is mandatory, you can choose to purchase collision coverage if you wish. The price of your commercial car insurance online premium increases if you purchase add-ons like zero depreciation cover, the cost of vehicle towing in case of a breakdown, third-party liability insurance, protection of NCB benefits, and so on. The added cost of these add-ons may increase your policy’s cost, but they are well worth it in actual use. Acko car insurance allows you to customize your car insurance plan with any of these add-ons to protect your car.

 

In the instance of a serious accident that severely damages your car, a zero-depreciation policy would reduce your losses to a bare minimum, since most of the expenses (repairs or replacements) for both plastic and metal are cover. For example, depending on your choice of coverage, you can get a good discount to save your premiums using Acko car insurance.

 

Claims Frequency

This is another factor that affects the premium of your car insurance. The provider will award a discount on the premium to those who haven’t made any claims throughout the annual policy year. This benefit is call NCB or No Claim Bonus. During claims, you can benefit from door-to-door pick-up, repairs, and drop-off services when using  Acko car insurance. You can also claim your standard or commercial vehicle insurance online.

 

Personal Factors

Personal factors also play an important role in deciding the premium rate. For example, women are consider to be safer drivers than men, so they pay fewer premium amounts than men. A married individual who buys a car insurance policy will pay a lower premium amount than a single individual. A customer’s age can also influence the premium they will pay – people under the age of 25 pay the highest premiums, and those between the age of 50 to 65 years pay the lowest.

You can also get the best commercial vehicle insurance online from the Bajaj Allianz car insurance. Check out the website and sign up today!

RAJDEEP SINGH

Rajdeep is a well-known financial advisor with the ability to keep track and predict market trends with the utmost accuracy. He has been managing portfolios for over 10 years now, helping his clients achieve their dreams of security, financial freedom and total peace of mind.

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