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What are Deductibles?

  • Deductibles are the portion of the claim amount that the policyholder must pay out of pocket prior to receiving assistance from the insurance company.
  • Deductible is expressed as a fixed amount or a percentage of the claim amount, depending on the policy terms
  • Deductibles are not applicable in Third-Party Liability Insurance as it covers only the damage caused to the third-party vehicle and not the policy holder's vehicle
  • Deductible is not applicable for Third-Party claims, as the liability is borne entirely by the insurance company
  • There are two types of deductibles that may be part of the Car Insurance policy:
  • Compulsory Deductibles
  • Voluntary Deductibles
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Types of Deductibles

Voluntary Deductible

  • Voluntary deductible is an option that the policy holder can choose to opt for, in addition to the compulsory deductible
  • Voluntary deductibles allow policy holders to customise their insurance policy based on their risk appetite and budget, ultimately reducing the payable premium.
  • It is important for policy holders to strike a balance between the voluntary deductible and the premium amount, as a very high deductible may not be financially viable during a claim process
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Compulsory Deductible

  • This is a fixed amount that is mandatory for policy holders to pay before their insurance company starts paying out claims. In India, the compulsory deductible amount is determined by the Insurance Regulatory and Development Authority of India (IRDAI) and varies depending on the cubic capacity of the car engine
  • The minimum compulsory deductible is Rs. 1,000 for cars with an engine capacity of up to 1,500 cc and Rs. 2,000 for cars with an engine capacity of more than 1,500 cc.
  • Policy holders should carefully consider the deductible amount while choosing a policy, as it can affect the overall cost-benefit analysis of the policy.
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Frequently Asked Questions

Is the deductible applicable to Third-Party claims under Car Insurance?

No, the deductible is not applicable to Third-Party claims, as liability is borne entirely by the insurance company

What is the benefit of choosing a voluntary deductible for Car Insurance?What is the benefit of choosing a voluntary deductible for Motor Insurance?

Choosing a voluntary deductible can help policy holders lower their premium amount, as they are opting to bear a higher portion of the risk in case of a claim

Is it recommended to opt for a high voluntary deductible in Car Insurance?

The choice of the voluntary deductible amount depends on the policy holder's financial situation and risk appetite. While a higher voluntary deductible can result in a lesser premium, it should be balanced with the policy holder's ability to pay the deductible amount in case of a claim

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