You must have wondered that why there is a different premium
for every person when it comes to having car insurance. The reason is pretty
simple. The premium amount that is charged to you is calculated on the basis of
a statistical evaluation that calculates the level of risk you are exposed to.
This article discusses below some of the common deciding factors of car premium
amount.
Age, Gender, and Marital Status
The insurance companies believe that age is directly
proportional to the experience of the driver. So, if a person has more
experience in driving then he/she is least expected to cause an accident.
Sometimes the gender of a person is also considered since most statistics
reveal that usually men get more involved in accidents as opposed to females.
Marital status is also important. Also, the marital status may contribute to
less premium amounts since married drivers are less likely to get involved in
rash driving. However, bear in mind that these factors can get negated by your
driving record.
Your Location
Accidents are unforeseen and regularly caused by factors
like the place where you live. For instance, if you reside in a metropolitan
area that is theft prone or thickly packed with traffic then your premium could
be higher as compared to people who live in a rural area.
Your Car Model
If you own a car that has scored good during crash safety
tests, strong chances are there that you would get a lower premium rates as
compared to a driver who owns a car that scored less on the same test.
Moreover, if your car is not much expensive then your premium would also be
low.
The Usage of Car
The car
insurance india company always takes into the account the usage practice of
your car. A person, for instance, may use the car daily many times for
commuting within a thick traffic. Another person, on the other hand, can use
the vehicle just for weekend drives. The premium is calculated accordingly.
Engine Size of the Car
The engine size of a car is calculated as its cubic
capacity. The insurance premium is
sometimes also influenced by the size of the engine.
Different insurers use different factors for calculating
premium amount, and thus it is better to compare all the policies at one
platform. Always opt for a fairly priced policy that can enhance your
livelihood. If a policy makes you pay very high premium then you may refrain
from purchasing it. Similarly, if the premium is too low then you end up
risking your financial stability just for a claim. Contact a professional and
compare different quotes at GIBL before taking any major step.
[Source: http://blog.gibl.in/the-secret-of-premium-calculation-factors-of-car-insurance-in-india/]
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