The lower premium will be at the cost of reduced insured declared value.
Motor insurance, much like most other general insurance policies, is annually covered and must be renewed upon expiry. Under the Motor Vehicles Act, it is mandatory for every vehicle plying on roads to have a third-party motor insurance policy. The insured can opt for a comprehensive policy or other add-ons to ensure adequate and comprehensive coverage. Here are some important facts to consider before renewing your motor insurance
Know the insured declared value of your car