Factors that Affect Car Insurance Premium

• Car Make and model: The risk of your car being stolen is reduced if it has many safety measures and locking mechanisms. As a result, when opposed to a car with fewer safety features, the premium would be lower. A sports car, on the other hand, comes with a higher insurance premium due to the increased risk of theft and accidents.
• Insurance type: The cost of car insurance is often dictated by the type of coverage you select. The premium for a simple third-party insurance policy would be little. The cost for a comprehensive auto insurance policy with broader coverage, on the other hand, would be significantly higher.
• Add-on covers: Add-on covers include zero depreciation, no-claim bonus (NCB), engine and gearbox protection, emergency assistance cover, return to invoice, and downtime protection, among others. The more add-on coverage you choose for your policy, the higher your premium would be.
• No claim bonus: The insurer will offer you a no-claim bonus if you do not file any claims during the policy year. You can save up to 50% on your auto insurance premiums by doing so.
• Voluntary deductible: This is the sum of money you agree to pay when settling a claim. As a result, the higher the optional deductible, the lower the premium on your car insurance policy.