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Car insurance premium differs across different regions of India

The incident of car theft is also higher in these cities. So, if your car is registered in Zone A cities you have to pay higher premiums for your car insurance online cover.<br>

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Car insurance premium differs across different regions of India

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  1. Car Insurance Online

  2. Car insurance premium differs across different regions of India After buying a new car, you bought a comprehensive car insurance plan and have been staying financially protected by paying premium every year. But, did you ever think what factors impact the calculation of car insurance premium? Read on to unveil the secret. How premium is calculated for car insurance plans in India? Some typical parameters determining the premium of a car insurance in India are; Age Fuel type (petrol or diesel or LPG) Cubic capacity Car type (private or commercial) IDV (This is the maximum sum insured that you can claim on your car insurance plan)

  3. City of registration helps decide premium amount Aside from these usual factors, the zone where the car is registered also plays an instrumental role in working out the premium of motor insurance plans. Zone A includes 8 major cities in India and the rest of India comes under zone B. Zone A cities like Chennai, Mumbai, Hyderabad, Bangalore, Kolkata, New Delhi, Ahmedabad and Pune are considered as locations with higher risks due to higher population density, Particularly, criteria like the cubic capacity and the age trigger varied premium of the same car in different zones. In India, there are two such zones.

  4. The incident of car theft is also higher in these cities. So, if your car is registered in Zone A cities you have to pay higher premiums for your car insurance online cover. Similar to different zones, the premium of the car insurance plans also affected by different slabs of key parameters like cubic capacity and age of the car. Both these factors come with three different slabs. Current car insurance premium rate in two zones in terms of cubic capacity and age Zone A The premium rate of car insurance plans in zone A cities differ on the basis of the age and cubic capacity of a specific car. Let’s keep different age-bands as constant to see how varied cubic capacity affects the premium.

  5. Conclusion Calculation of car insurance premium keeps all the above-mentioned factors into consideration for arriving at a final amount. Hence, two cars with same cubic capacity bought at the same time in two different zones will trigger two different premiums for insurance. There are billions of car owners in India. But, a very tiny percentage of them actually know how the premium of their car insurance plans are calculated. If you are one of those, you should understand by now how the premium for your car insurance cover has been worked out. [Source:http://blog.gibl.in/car-insurance-premium-differs-across-different-regions-of-india/]

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