Car Insurance FAQs - questions that every car insurance buyer asks

We know car insurance can be a tricky concept to comprehend. However, understanding the concept can benefit people as they choose the right kind of insurance, and help get better deals from insurance companies. After all, who wouldn’t like to save a buck?

What is a no claim bonus?

If you’ve had an accident free year and haven’t made a claim in a year, then you’ll receive a benefit at the time of your car insurance renewal. Your “Claim Free” year will result in you paying significantly lower premiums than before.

How is the value of the vehicle (IDV) determined?

The IDV is the market value of the car as decided by the insurance company. Like all assets, motor vehicles reduce in value over time. The IDV is determined by calculating the current value of the car after taking into account the depreciation.