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This Article will help you to get a Clear Understanding of ICV and how it affects the car insurance Premium.
There are Many Factors that Affect the ICV of a Vehicle. Listed below, are a Few Factors:
Based on the Factors Mentioned Above, the Car Insurance Providers Compute ICV and Charge Insurance Premium Accordingly.
In simple terms, vehicles with higher ICV attract a higher insurance premium rate and vehicles. At the same time, a lower ICV doesn’t attract a lower insurance premium rate. It is because of the applicable rate of depreciation.
You must be wondering why?
Well, it is because there are many reasons why the insurance premium goes up as the vehicle’s ICV is decreased.
Being a Car Owner, you Should Understand the Points Mentioned above Carefully while Buying motor insurance in Dubai for your vehicle.
As an insurance buyer, if you want maximum bang for your bucks, you can easily reduce the premium amount for your car insurance policy when you follow these simple tips:
Wrapping it up
Now you have a basic idea about ICV and how it affects the premium of your policy. If you want to buy a car insurance plan in the UAE, clarify all your doubts before zeroing on an insurance plan. You can get in touch with the customer care support of your preferred insurance company, they will guide you to choose the right policy suited for your vehicle. In this way, you can ensure that you will get the best value for your money in the long run.
Before you finalize a plan, compare various plans so that you can make a well-informed decision. Ideally, you should opt for a plan that provides you with the best insurance coverage at the best insurance premium.
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