The insurance policies in India is quite well-known, especially from a practical perspective. For any car, whether it is new or used, it needs to be covered under a car insurance policy to be legal in India. Moreover, it covers your car financially against theft or natural disasters. Therefore, it is important to know the factors that affects the most for determining premium.
Gender and Age
It is observed that male drivers between the age group of 18 - 25 years are more likely to be involved in an accident and ends up paying a higher premium as compared to others.
Place of living
Place where you live really matters when it comes to paying insurance premiums. If you live in a metro city, you will attract a higher premium. On the other hand, if you live in a village, you have to lower premium.
Manufacturer and Model
Insurance companies have a data prepared for each model and type of vehicle. Each model has a certain claim with the car insurance company.
From the two types of policies available, third-party coverage only extends to the affected third-party in case of mishaps. Whereas, the comprehensive car insurance policy secures own damage from natural calamities, theft and much more. Therefore, the third-party policy is much cheaper than comprehensive one.
Add-ons are not available with your policy, but you can actually add to your policy by paying an extra amount in your premium. This makes the cost of your insurance costlier.
Hope these pointers will help you to pay lower your insurance premiums.