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Factors that Affect the Premium of Kotak Car Insurance Policy

Published On Nov 05, 2021 11:00 AM By InsuranceDekho

Purchasing a car insurance premium is not that difficult and it can save you financially during any incident that can cause damage to your car. Read this article to know about the factors that can affect the premium of Kotak ca insurance policy.

The Kotak Car insurance policy provides comprehensive coverage for the insured car, including coverage for own damage, third-party liability damage, personal injury, and accessories. This may also be combined with a variety of other coverages such as Zero Depreciation, Roadside Assistance, and Engine Protection.
The following are some of the advantages and features of Kotak Mahindra car insurance -

  • Comprehensive coverage is included with Kotak Mahindra car insurance.
  • Third-party liabilities are also covered.
  • When you choose Kotak Mahindra Car Insurance online insurance, you can renew your coverage immediately.
  • Kotak Mahindra car insurance claims require less documentation.

Factors that Affect the Premium of Kotak Car Insurance Policy

Factors that Affect the Premium of Kotak Car Insurance Policy

Here are some factors that can affect your Kotak car insurance policy premium.

Must Read: All You Need To Know About Kotak Car Insurance

1. Insured Declared Value

The sum that reflects the current market worth of your car is known as the Insured Declared Value or IDV. This value, which is usually set by your insurance company, is the estimated current worth of your car after depreciation. The IDV of your car reduces over time as the value of your vehicle lowers due to depreciation. The greater your car's IDV, however, the higher your car insurance rate.

2. Car Owner

As is customary, the amount of a car insurance premium has as much to do with you as it does with your vehicle. In India, the cost of car insurance is mostly affected by the driver's history. This means that if you have to maintain a good driving record, you will benefit from lower car insurance premiums.

3. Car's Manufacturer And Model

One of the variables of your car insurance rate is the class and model of your vehicle. When opposed to slower, ordinary cars, the premium for riskier cars, such as sports cars, is often larger. Premiums are normally higher for cars with more cubic capacity or those that operate on gas or CNG.

4. Safety Features

You could be eligible for a discount on your overall car insurance price if your car is equipped with an effective auto-lock or anti-theft device. When theft is attempted or the vehicle is broken down, car alarms and other anti-theft equipment notify the owner. Today's cars are equipped with GPS, which aids in their tracking.

5. Number of Claims Made

This is another aspect that influences the cost of your car insurance. Those who have not made any claims during the yearly policy year are given a reduction on their rate for the next year by the insurance companies. NCB, or No Claim Bonus, is the name given to this benefit.

Take Away

Car insurance is inexpensive and provides much-needed financial security to dependents in the event of the insured's death. Now that you know what factors affect your car insurance cost, you can utilize this knowledge to make a more informed decision when purchasing coverage.

Also Read: Why To Buy A Kotak Car Insurance Plan?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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