Motor insurance policies comprise statutory third-party liability cover with fixed premiums and own damage (OD) cover with flexible pricing by insurers. When renewing, policyholders should compare existing policies with renewal quotes, focusing on the Insured Declared Value (IDV), which represents the car's insured value and decreases with age. While IDV typically lowers the premium, some find renewal costs unchanged or higher due to increased OD premium rates, which are negotiable and not regulated.