A car owner buys a RS 5000-deductible collision insurance for RS 38000 annual premium.he drives into a tree and the repair bill is RS25000.How much would he have saved if he had bought RS10000-deductible at a RS 25000?
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When buying or renewing your motor insurance it is advisable not to blindly buy the policy with the lowest premium. If one car insurance policy premium is significantly lower than alternatives offered by other insurers, then in all probability the former's coverage may be less in terms of value or features.
Remember that a significantly lower premium is likely to be a trade-off for a lower IDV or a higher deductible or fewer benefits. Fully understand the implications of these trade-offs before you go for the lower premium policy
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