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For a vehicle, will the insurance charges increase after every year or will it decrease?

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Shailesh Kumar, Co-founder, Insurance Samadhan verified
Answered on October 09,2021

Dear 

Logically it should decrease because the declared value reduce each year due to depreciation.

Though IDV decreases but premium rate may increase as per reasons below :

  1. Increase in general claim experience 
  2. Claim experience of specific vehicle 
  3. General increase in premium rates by the industry as it happened in 2018 .

Hope this clarifies

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