Today we still answer to our members, but we protect more than just cars and Ohio farmers. We’re a Fortune 100 company that offers a full range of insurance and financial services across the country. Including car, motorcycle, homeowners, pet, farm, life and commercial insurance. As well as annuities, mutual funds, retirement plans and specialty health services.
Car insurance premium calculation is done primarily on the basis of Insured Declared Value (IDV) of the specific model. The IDV is calculated on the ex-showroom price of the car and it changes annually as per the depreciation rate of a certain model. The other factors affecting car insurance premium include no claim bonus which is rewarded to the insured for not making any claims during the policy term. No Claim Bonus(NCB) can be accumulated to a staggering 50% on the premium amount. Discount on car insurance can be availed if the car owner has installed an anti-theft device approved by ARAI (Automobile Research Association of India) or opts for a voluntary deductible.
You won’t qualify for every discount, since some depend on factors beyond your control, like your age or the safety features installed in your car. However, others are based on behaviors like switching to paperless billing or having multiple cars on your policy. We prioritized deductions like these since more drivers will be able to use them. To see a full list of the discounts every insurer offers, check out our savings guide below.
If your car is not insured and involved in an accident, you might have to pay to rent a car or cover repairs yourself. Comprehensive and Collision coverage as part of your car insurance policy is a much better value because, even if you're not involved in an accident, you can still be protected against theft, fire, vandalism and windshield damage. Want to reduce your monthly auto insurance payment? Choose a higher deductible.