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The key changes in the new IRDAI guidelines for car insurance are:

1. Long-term car insurance policy no longer mandatory: It is no longer mandatory to buy a full long-term car insurance policy. Instead, car owners can opt for an annual standalone Own Damage policy along with a 3-year Third-party Liability policy.

2. Standard grid for No Claim Bonus: The No Claim Bonus must have a standard grid for easier understanding. Previously, an insurer could decide the amount of bonus to be granted for policyholders for a long-term policy. Now, the grid is the same for all insurance companies.

3. Standard deductibles: Compulsory deductibles will now be called “Standard Deductibles.” These are fixed at Rs. 1000 for cars with 1500cc or less and Rs. 2000 for cars with 1500cc or more engine displacement capacity.

4. Total loss calculation: A car is considered a total loss when the repair cost is very high. This kind of damage can happen from a major accident or a natural calamity. Total loss calculation is directly related to the Insured Declared Value of a car, which a car owner declares while buying the policy. If the repair costs exceed 75% of the IDV, then the insurer will declare a total loss as per IRDAI.

5. Registration Certificate (RC) cancellation: In case of total loss or theft claims, the Registration Certificate (RC) will stand cancelled. Policyholders must send the RC to their insurance company.

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