Don’t skimp on premium; declare correct IDV of your car4 min read 25 Jun 2014, 07:34 PM IST
It can lead to significant loss in case of a claim
It’s testing time for Indian consumers. Amid a sluggish economic growth and persistently high interest rates, the need to manage monthly budgets without compromising on essential amenities remains a daunting task. Even as one continues to face the challenge of rising cost of food items, another area that witnessed a price increase recently was motor insurance third-party premium. As per the new guidelines, third-party motor insurance premium, which forms an important component of your vehicle’s comprehensive insurance policy, has undergone an increase of 20% for private cars, 10% for two-wheelers and 10% for commercial vehicles.