How is the premium determined in Commercial vehicle Insurance?
There are many factors on which premium amount is determined and there is some variation in the premium charged by different insurers on similar covers. The parameters for comparison are deductibles, coverage, and Insured declared value (IDV) of the vehicle.
Some insurers have lower premiums but higher deductibles, while other insurers offer lower coverage and lower insured declared value. At IFFCO Tokio, expect the best coverage for the premium you pay.