Let’s say, the IDV value of your Honda City (1.3 DX variant) is Rs 5,61,735. In case of ‘no deductible’, your premium would be Rs 12,448. However, if you are willing to contribute Rs 15,000 as the voluntary deductible, the premium rates will reduce to Rs 9,598.
Often the agent agrees to lower the premium quotes by increasing the voluntary deducible limit. When a loss happens, you have to cough up a huge amount— voluntary and compulsory deductible— from your pocket.
The way the insurance sector is evolving, you will soon be able to get better discounts on the basis of various factors such as your driving track record, age, and so on; however, for now don’t commit into the deals and discounts blindly. Make sure you do a thorough comparison to avoid falling into a pit.
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