What are the two types of deductibles in commercial vehicle insurance?
Compulsory deductibles: This is a fixed amount and depends on two factors: type of vehicle and the engine capacity of the vehicle. For older vehicles, the compulsory deductibles are set at a higher value by Insurance Regulatory and Development Authority of India (IRDA).
Voluntary deductibles: This is an optional amount that may be chosen by the insured at the time of buying the insurance policy. If an insured opts to pay higher deductibles, the vehicle premium will come down. It is generally recommended that if the policyholder doesn’t make frequent claims, he should pay a higher deductible and keep the premium at a lower level.
- What is the amount for which I need to insure my commercial vehicle? How is IDV connected to the amount needed to insure vehicle?
- What kind of risks is covered by IFFCO Tokio third party policy?
- Consequences if I forget to renew my commercial auto insurance on time
- Can I renew my commercial vehicle insurance with IFFCO Tokio?
- What is a No Claim Bonus?