Auto insurance companies have become very
careful on facing huge losses in their motor portfolio and thus, they are
exploring various options to reduce those losses. The car insurance premium also depends on the differential pricing
where if the insurer believes that
the incidence of claim is going to be higher or vice versa.
There are several factors that one should
consider while getting your car insured as all these factors will directly
affect your car insurance premiums.
Conventionally, car insurance premiums were decided on the basis of engine
capacity, age of the car and geographic zones. Over the last few years,
insurers in India have started to consider factors like fuel used in the car, effectively
anti-robbery devices etc.
Summary: There are many factors on which
your car insurance premium depends
such as gender, marital status, profession etc., are now being considered to
determine the car insurance premium.
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