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Published By: Hindustan Express
Published Date: 01-17-2022
Choosing the right car insurance to protect your car is as important as choosing the car itself. Different types of insurance policies offer varying degrees of protection at different premium rates. To choose the best policy for you, it is crucial to understand the various influencing factors and their impact on the premium prices.
Rakesh Jain, CEO of Reliance General Insurance, explained the key factors that result in premium increases every year. He also explained the different types of car insurance coverages available, such as third-party and own-damage insurance. While third-party offers basic coverage to third-party persons or property, own-damage insurance protects your car.
The premium rates for third-party car insurance policies are set by the IRDAI (Insurance Regulatory and Development Authority of India). These vary depending on the car’s engine or battery capacities and passenger capacity (for commercial vehicles).
However, there are more factors influencing premium prices for own-damage insurance. These include car model, geographical location, no-claim bonuses, deductibles and choice of add-ons. Your car insurance premium changes due to all these influencing factors. Rakesh Jain urges everyone to understand the impact of these factors on premiums while buying or renewing and choose the right policy for you.
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