Factors That Affect Your Magma HDI Car Insurance Premium
Updated On Oct 16, 2023
Read this article to find out what are the factors that have an impact on the cost of your car insurance premium when you purchase it with Magma General Insurance
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Your car is your most prized possession. When you purchase a car insurance policy, you will have to ensure that the premium is affordable. There are many factors that affect the cost of your car insurance premium. In this article, you can read about the major determinants of your premium’s pricing at Magma General Insurance.
What Affects Your Magma HDI Car Insurance Premium?
The following are the factors that affect the cost of the car insurance premium -
Type of Cover
Comprehensive and third-party insurance are the two most common types of car insurance. Both the insured vehicles' damages, repairs, or anything else that may emerge due to unanticipated situations, as well as third-party liabilities, will be covered under comprehensive policies. Only third-party obligations and damages are covered by third-party insurance. Therefore, when compared to third-party insurance, a comprehensive plan for private car insurance in India draws a higher insurance price. At Magma General Insurance, you can avail of third-party and comprehensive car insurance policies for your car. Magma HDI has also categorized the cars based on the purpose to offer better policy plans.
The Safety Features In Your Car
The safety system installed in your car is what insurers check for. Airbags, GPS, alarms, and a central lock are examples of safety equipment. Your premium rates will be lower if you have installed an appropriate safety system, and vice versa. The reasoning behind this is that insurance assumes that the safer the car, the lower the risk of an accident. When it comes to purchasing an insurance plan, having a decent safety toolbox installed will be really advantageous. At Magma General Insurance, your premium will be lower if there are safety features installed in your car. On the other hand, you will be having to pay a higher premium if your car has performance or appeal enhancing modifications.
You may also like to read:- Important Measures To Lower Your Car Insurance Premiums
Type of Powertrain
Since diesel automobiles are more expensive, your premium at Magma General Insurance will be greater if your car has a diesel engine. Insured Declared Value is a factor that comes into play here. It refers to the market pricing of your car at the time of purchase. Premium class cars have higher premiums than their less expensive rivals, which could be due to the same concept.
Your Line of Work
Surprisingly, your occupation has an impact on your insurance cost at Magma General Insurance. If you work in a job that necessitates the use of your vehicle on a regular basis, you will almost certainly have to pay a larger premium. The reason for this is that the vehicle depreciates at a quicker pace than other cars insured by the policy.
Your premium is heavily influenced by the type of terrain you live in. If you reside in a risky area where accidents are more likely, your premium will be higher due to the associated risk, and lower if the risk is lower. At Magma General Insurance, your residential location will be taken into consideration while determining the cost of your premium depending on the risk factor involved.
Limits and Deductibles
The policy limit is the maximum amount paid against your premium amount for an insured loss. At Magma General Insurance, individual coverage typically has its own limit, letting you tailor it to your specific needs. Furthermore, the more coverage you choose, the higher your premium will be.
Also Read:- Benefits of Car Insurance Premium Calculator
Comparing policies before purchasing your car insurance is very essential. The criteria listed above are just a few of the many that influence your premium. There could be a slew of other variables, and not all of them can be predicted. Therefore, it is always in your best interest to purchase insurance only after comparing the benefits offered by a variety of insurers.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.