I have an old car that the manufacturer has stopped making. An insurance agent told me that the premium for it will not reduce due to this even though I have not made a claim. Are premiums for cars higher than those that are in production?

—Baby Josey

It is not a universal rule that cars which are not in production will have higher insurer premiums. In fact, you will earn no-claim bonus (NCB) in the exact same manner as before.

However, in some cases, insurers may decide to increase the base premium for out-of-production cars. This is primarily because the parts and components may have become difficult to source and thus expensive. In such cases, insurers reduce the discount they offer on tariff premium. But because of your NCB, you will still continue to pay lower than someone who made a claim. If the increase in premium is substantial, you should explore quotes from other insurers. Your accrued NCB can be carried forward to the new insurer.

I regularly travel for work to different locations within India. Instead of taking travel insurance separately for each trip, can I take an overall travel insurance which covers all my trips in a year or a specified period of time?

—Shikha Sarin

Yes, you can buy an annual multi-trip policy for domestic travel insurance. Generally, such policies limit the duration of a single trip to 90 days. One of the key covers of domestic travel insurance policy is accidental death and disability.

I recommend you also buy a stand-alone personal accident policy. This will help provide coverage even when you are not travelling.

I want to lease some space in a private storage facility in Faridabad. Do I need to take insurance for this? If yes, then what kind of insurance? For now, I expect to rent the space for a year.

—Devyani Singhal

You should buy a standard fire and special perils policy for your warehouse. This policy can be bought for both the structure and contents. Since the premises are not owned by you, you can only insure the contents. This policy can indemnify you in case of loss to your goods due to fire, flood, earthquake, lightning, riot and malicious damage.

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Abhishek Bondia is principal officer and managing director, SecureNow.in.