Factors that Affect ICICI Lombard Car Insurance Premiums

• Type of Insurance PolicyDiscounts AvailableInsured Declared ValueLocationPrevious ClaimsVehicles AgeNo Claim BonusAdd-on CoversNCB AvailableFuel TypeCar Modifications DoneMake, Model, and VariantChoice of Voluntary DeductionLapse of Previous Policy

Factors That Affect Car Insurance Premium

• Insured Declared Value (IDV) IDV is the current market value of your car. It’s the amount you can claim if your car is stolen or totally damaged. A car with a higher IDV will have a higher insurance premium.No Claim Bonus (NCB) NCB is a discount given if you don’t make any claims during the policy year. The discount increases from 20% to 50% with every claim-free year, which helps lower your premium cost.City of Registration Car insurance premiums depend on where your car is registered. Cities with more traffic, like Tier 1 cities, have higher premiums compared to Tier 2 and Tier 3 cities because of the higher risk of accidents.Anti-Theft Devices Installing anti-theft devices in your car makes it safer and reduces the risk for insurers. Because of this, they charge lower premiums for cars with security devices installed.Age of the Driver Older drivers with more experience are often seen as safer drivers. Insurers offer lower premiums to older people as they are likely to drive more carefully.