The premium of your car insurance is decided by a lot of factors, and not just the type of cover you are opting for.
Did you know that your friend in Mumbai may not pay the same amount as car insurance premium as you would pay in Delhi?
There are many factors that decide the premium of your car insurance policy. You may be surprised to know how little things can make a difference in how much you for getting your car insured.
Here is a list of all the factors that play a role deciding the amount in your insurance cheque.
Features & Accessories in your Car
Anti-lock breaking system, power windows, gear lock, alloy wheels, and other accessories in your car matter when it comes to deciding the value of your carinsurance premium. In fact, more security features mean more discounts in your premium amount.
The City you Live In
Cities with high accident rates, poor roads, traffic congestions or higher rates of theft or vandalism seem to increase the premium of a car insurance policy due to the greater risk associated with the location.
How you Drive
If you have a lot of challans in your name, or your driving history does not reflect a responsible image of you as a driver, then your car insurance company may not be very happy in reducing your premium.
Your Parking situation
Given the scarcity of parking areas in metro cities, car insurance companies take your parking facility in account before offering you a discount. Your car is likely to be safer if you have a reserved parking in your society or home, than if you park on roads. The level of risk of losing your car decides your insurance premium discount.
The Engine of your Car
A car with a diesel engine is more expensive and therefore has a higher IDV. So if you run a petrol engine car, your insurance premium is likely to be lower than those having a car with a diesel engine.
Type of Coverage of your Policy
Obviously, each type of insurance policy has a different premium depending upon the number of coverages, add-ons, and deductibles that it offers. The more features you include in your policy, higher your premium would be.
Multiple online websites offer you great deals for your car insurance. You can compare all the options you get by filling in your requirements and details. You could also talk to your local agent to find out about any better deals that you may get.
Don't hesitate in playing around while designing your car insurance policy. You may get more options in the same premium.