I have an one year old car. I need to renew my insurance QIC. Just wanted to know what generally are the rates - what percentage is charged. one agent told me it is 4% of my car purchase value for full insurance. Is this a correct percentage?
4 to 4 1/2% is pretty standard for full coverage on most types of vehicles(assuming you have had no accidents), but it's based on the current value (figure 20% depreciation per year), not the original purchase price. Whilst companies MUST issue third party liability, they do not have to accept you as a customer for full coverage.
the cost of insurance is variable depending on the type of your car and the kind of insurance you wanna have.
If you want full insurance coverage for loss and comprehensive damage the cost is high, if you want third party liability insurance coverage only then its much lower. You decide.....
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4 to 4 1/2% is pretty standard for full coverage on most types of vehicles(assuming you have had no accidents), but it's based on the current value (figure 20% depreciation per year), not the original purchase price. Whilst companies MUST issue third party liability, they do not have to accept you as a customer for full coverage.
the cost of insurance is variable depending on the type of your car and the kind of insurance you wanna have.
If you want full insurance coverage for loss and comprehensive damage the cost is high, if you want third party liability insurance coverage only then its much lower. You decide.....