While the compulsory deductible does not affect the insurance premium of the car insurance, the voluntary deductible does. This is an additional amount to the compulsory deductible that one can choose to pay. The policyholder must pay the amount declared by the insurance company and one cannot reduce this amountĪs the name suggests, this is an optional deductible that the policyholder can opt to pay. While insurance companies follow the IRDAI directives, there are chances that they might increase the deductible amount for older cars, cars with higher cubic capacities or cars with very high claim amounts. For instance, deductibles for cars less than 1500cc is Rs.1000 and those above 1500cc is Rs.2000.
The amount depends on the engine capacity. The insurance companies have a fixed amount set as per the IRDAI directives. The Insurance Regulatory and Development Authority of India (IRDAI) has made compulsory deductibles mandatory. It is after this amount is paid that the insurance company will provide the sum assured to settle the claim Read further to understand what this is in detail.Ī ‘deductibles’ is an amount the policyholder must pay when a claim is raised. In a car insurance policy, there is a feature called a ‘deductible’ that plays a very important role in the policy.
People are under the misconception that if a premium amount is paid, the insurance company would automatically provide the insurance claim amount. There are a lot of features in insurance that are important.
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