💨 Abstract

Car insurance premiums are influenced by No Claim Bonus (NCB) and Insured Declared Value (IDV). NCB is a benefit offered by insurance companies to policyholders who do not make claims during the policy term, reducing premiums significantly with each claim-free year. IDV represents the maximum compensation an insurance company agrees to pay for total loss or theft, and affects both claim amount and risk assessment.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖