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 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. 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 several factors that one
should consider while getting your car insured as all these factors will
directly affect your car insurance
premiums.
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