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3 Factors That Affect Your Car Insurance Premium


Over the years, the incessantly rising number of road accidents in India has made car insurance an inevitable need. The same is also crucial from the financial perspective, keeping in mind the cost involved in repairing the vehicle once it’s damaged in a road accident. Concluding from the above paragraph, if you have a car, you must have an efficient car insurance in place. 

Moving on, when talking about a car insurance plan, the premium amount is one the biggest subject of discussion. The insurance premium is the monthly sum paid by the subscriber in order to enjoy the insurance coverage and benefits continuously. The same varies according to the lender’s insurance policy and as per the below mentioned factors associated with the applicant and his/her vehicle. 

1. The safety features: Every vehicle/car comes with safety features like an airbag, seat belt, fog lamps, driver attention detection etc. which ensure the highest safety for the owner and the car. The same means lower risk for the insurance company and a lower premium amount for the insured. Therefore, if your car has the required safety features, even the basic ones, you can expect a lower premium for your car insurance.

2. The car model: The model of the car that has to be insured plays a major role in determining your insurance premium. A vehicle with higher market value leads to a higher premium. This is why vehicles like SUV, Sedans, and gypsies attract a higher premium compared to lower models and hatchbacks.

3. The usage of the vehicle: The purpose of utilization highly affects the insurance premium. For example, cars used for personal conveyance attract a lower premium in comparison to a vehicle registered for commercial usage. 

In the end, when you choose a car insurance, make sure you have dedicated enough time to research. The same is necessary to make logical decision.  
Read Also:- Factors That Affect Your Car Insurance Premium

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