There’s absolutely no
doubt that Motor Insurance is a must for every motor vehicle owner. It not only
protects your car in the event of any damage or disasters, it also protects
you. The car insurance premium is calculated by using
your personal information and company claim data, car insurance companies use
their own methods to make an educated guess on how likely you are to file a
claim. The riskier you appear, the more you will pay for car insurance. The safer you seem, the less you'll pay.
The premium you pay to receive
insurance cover differs from car to car, owner to owner and each factor is weighed differently. Here are the
important factors that come into consideration when the figure is being
decided.
Purpose of the Vehicle
Car insurance is
available for personal as well as commercial vehicles. If you are using your
vehicle commercially, insurance companies are bound to charge you a higher
insurance premium, given that it’s a source of income.
Model of the Vehicle
The amount of premium
you pay depends largely on its Insured Declared Value, which is a new way of
saying “market value”. Thus, the more expensive your car, the higher the
premium you pay. It’s thus safe to assume that imported brands and bigger cars
will charge more premium than hatchbacks. Similarly, for Fuel Type, premium is
generally higher for diesel vehicles.
In addition, the year
of manufacture and the date of registration of the vehicle will also be taken
into account. If a vehicle comes with rare or expensive spare parts, that will
increase its insurance premium too.
Safety Devices
Modern cars are built
to ensure the safety of all passengers. They come with state-of-the-art safety
features like airbags, advanced braking systems, robust locks and anti-theft
devices. Thus, some insurers increase premiums for cars that are more
susceptible to damage, occupant injury, or theft, and lower rates for those
that fare better than the norm.
You can avail a
discount of up to 2.5% on your premium if your car is inherently safe-provided and
its features are included in the list approved by Automobile Research
Association of India (ARAI)- so it’s advisable you do some research before you
buy a Motor Insurance
Online.
Insurance Zones
Where you live and the
location your car is registered at also affects the amount of motor insurance
premium you pay. ‘Insurance zones’ are thus created by insurers according to a
vehicle's vulnerability to damage or loss.
Due to higher rates of
vandalism, theft, and accidents, urban drivers pay more for car insurance than
do those in small towns or rural areas. To check your zone click here - Bharti AXA
And many more…
While the above
factors are important, what Indian insurers consider before deciding car
insurance premium, there are a number of additional factors that are likely to
become important soon, which include the distance your car has travelled, your
credit history, whether or not it’s regularly serviced by an authorized service
station, and even whether you, as an individual, have a history of getting into
car accidents.
Learning?
Choosing which insurer
to purchase a car insurance policy from is a decision that can’t be taken
lightly. Here are the factors you must evaluate before deciding upon a
particular insurer.
Premium: For insurance policies, the lesser premium you
pay, the smaller the amount you can claim.
Essential riders: There are 7 major car insurance riders every
car owner must consider to include in their insurance plan. These riders
provide added yet essential benefits at an additional cost. These include:
The personal accident
cover, which financially
safeguards you against unforeseen events causing bodily harm, such as
Accidental Death or Permanent Total Disability arising due to a road accident;
Rental reimbursement
rider, which covers the
cost of renting a car when your own vehicle is being repaired;
Road side assistance
rider, which offers
facilities like fuel refilling, battery jump starting, lost key replacement,
legal advice, etc.
Check reputation and financial standing: You need to make sure your company can pay
your damages when required by going through online reviews, news, speaking to
friends and relatives etc.
Convenience: The insurer you opt for must have a well-established digital
presence so that you can file claims online.
Cashless garage network: Some advanced insurers offer a cashless
garage facility also.
Customer service: Beyond getting yourself an insurance policy,
it is equally important that how responsive your insurer is to any issues or
questions you may have.
Bottom line
In the
end, I would like to conclude by saying that, Drive safe. Not only can that protect your
life, it can even save you money. I would
be delighted if you share your experience after visiting the webpage of Bharti AXA and if you have further suggestions or information in this
respect.
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