Car values are the major factor when deciding insurance premium

09.01.2011 | Author: rinimathew | Posted in Insurance
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Car owners in India need to have their vehicles insured before they can take them out on the road. Whether the vehicle is new or used, motor insurance is a must. The third party liability motor insurance covers you for the damages you might need to pay for, if another party was affected in case of an accident caused by you. The plan can cover the repair costs of their car, medical bills in case of injuries and even the legal costs in case they decide to press charges. This plan, however, does not cover any damage to your own car.
For a complete coverage for your own car, you need the comprehensive motor insurance plan. This insurance plan helps protect you from expenses related to accident-caused damage. It can also help you with other damage due to other causes, whether man-made or natural. In short, motor insurance can help you against a variety of car-related expenses that would otherwise have set you back a great deal, financially.
When purchasing motor insurance, it is a good idea to get quotes from various companies and compare prices before buying a policy. This way, you can get better value for money in terms of the plan and rates. However, the quotes will not include the premiums you will need to pay for the insurance. Motor insurance premiums depend on a lot of factors, which include the type of the cars, models, age, and car values.
Car values are a major factor in the calculation of premiums. The insurance amount that you get as compensation cannot exceed that of car values during the insurance period. The car values or the Insured Declared Values are therefore a part of the calculations to determine the premiums, among other factors. Premium calculation is fairly complicated and though it is not possible for everyone to do it, the <a href=”http://www.icicilombard.com/app/general-insurance/car-insurance.aspx”>insurance</a> companies do provide an online insurance premium calculator on their websites. This calculator makes your financial planning easier by calculating your premiums for you, once you have entered details like the plan you intend to buy, the car values and other details.
The car values are very useful for you not only as a car owner, in case you decide to sell your car, but also in the insurance planning for your car. Knowing your car values enables you to calculate how much coverage you can get from your insurance plan and also how much premium you need to pay every month.

Car owners in India need to have their vehicles insured before they can take them out on the road. Whether the vehicle is new or used, motor insurance is a must. The third party liability motor insurance covers you for the damages you might need to pay for, if another party was affected in case of an accident caused by you. The plan can cover the repair costs of their car, medical bills in case of injuries and even the legal costs in case they decide to press charges. This plan, however, does not cover any damage to your own car.For a complete coverage for your own car, you need the comprehensive motor insurance plan. This insurance plan helps protect you from expenses related to accident-caused damage. It can also help you with other damage due to other causes, whether man-made or natural. In short, motor insurance can help you against a variety of car-related expenses that would otherwise have set you back a great deal, financially.When purchasing motor insurance, it is a good idea to get quotes from various companies and compare prices before buying a policy. This way, you can get better value for money in terms of the plan and rates. However, the quotes will not include the premiums you will need to pay for the insurance. Motor insurance premiums depend on a lot of factors, which include the type of the cars, models, age, and car values. Car values are a major factor in the calculation of premiums. The insurance amount that you get as compensation cannot exceed that of car values during the insurance period. The car values or the Insured Declared Values are therefore a part of the calculations to determine the premiums, among other factors. Premium calculation is fairly complicated and though it is not possible for everyone to do it, the <a href=”http://www.icicilombard.com/app/general-insurance/car-insurance.aspx”>insurance</a> companies do provide an online insurance premium calculator on their websites. This calculator makes your financial planning easier by calculating your premiums for you, once you have entered details like the plan you intend to buy, the car values and other details. The car values are very useful for you not only as a car owner, in case you decide to sell your car, but also in the insurance planning for your car. Knowing your car values enables you to calculate how much coverage you can get from your insurance plan and also how much premium you need to pay every month.

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