Vehicle owners understand how important it is to have a proper vehicle insurance. Many countries make it compulsory for a car driver to have a proper vehicle insurance plan if he should be allowed a license. Since possessing a car insurance can turn out to be a serious affair, the different factors that decide your premium for the car insurance also are equally significant to a car owner. For all those car owners who have been taking their road behaviour lightly, it is time you take on a new attitude. Soon, your road behaviour might impact your car insurance premium. If you do not wish to pay heavily for your car insurance plan, you must consciously attempt to improve your road behaviour.
If the simple term of road behaviour does not give you the necessary insight, we are here to elaborate what we mean. Here we have listed out the many different factors that may impact your car insurance premium. Have a look:
History of Claims
When you plan to buy a car insurance plan, the first thing they are bound to check is your claims history. If you have a history of making claims in the past, your premium may go up. If you haven’t made any claims, you may enjoy a lower premium on your car insurance plan.
Credit score is also among the first things that are checked when you go ahead to get yourself a vehicle insurance plan. People who have a good credit score are bound to enjoy lower premiums on their car insurance plans.
The occupation of the person may also decide what kind of car premium he deserves. While this may sound silly or insensible, reports reveal that people belonging to certain professions are better drivers than the rest. This is the reason why aeroplane pilots, paramedics, doctors and insurance underwriters get to pay a lower car premium compared to people in other professions.
We do not often hear of insurance companies having emotional qualms. Yet, here is something worth noting. Couples who have just had a baby may enjoy lowered car insurance premiums. Now, that really sounds incredible, isn’t it.
If you have a home on your own name, you may enjoy a lowered car insurance premium. It is even better if you have paid the home EMI sum from the same account as the insurance plan.
Where you live may also have an impact on your car insurance premiums. It is known to all that the risk of a car accident increases manifold in an overcrowded urban area. This is the reason why your car insurance premium may also be dictated by the locality where you live. If you live in a less populated locality away from the city, you will have to pay a smaller insurance premium in contrast to premiums charged for city dwellers.
Latest Update on Car Insurance Policy in India
As per the latest news on car insurance, the transport department is suggesting the IRDAI to take some strong steps to encourage people into responsible driving. As per latest news articles in Delhi Times of India, the transport department has suggested that the well-behaved and responsible drivers in India should be rewarded for their right behaviour on road by offering them a lower premium on the car insurance.
Quite a reverse stand would be taken for people who have violated road rules and have been caught for the same in the past. They maybe penalised by being charged a higher car insurance premium. There will be a 30-40% difference in car insurance premiums in either case.
Some Additional Steps Taken By the Government in this Regard
While this penalty and reward system by the government may seem like just another rule that may not affect your life as a vehicle owner much, this is not true. The government has taken some unique measures to keep a check on all these factors. Here we have listed out these measures by the government:
- The government plans to merge the data on the Vahan Software for all the vehicles of Maharashtra with the IRDAI database for car insurance holders. This will give a clear insight on all defaulters of the car insurance premium.
- The transport commissioner of Maharashtra state that as soon as the records reveal such defaulters, the government plans to impound the vehicle and return it only when the pending insurance amount has been paid.
- The government hopes that through such advanced tracking methods, it will be easier to spot the regular violators of traffic rules and road safety measures.
How do you benefit from this new stand by the government?
While any new rule seems apparently difficult to digest, the new measures taken may just be for your benefit. A responsible individual may enjoy lowered premium rates and enjoy a safer driving experience on the roads. Things you need to do to be counted among the responsible lot of drivers are listed below:
- A car insurance is a must to be allowed to drive on the roads
- Always pay car insurance premiums on time
- Always drive within the prescribed safe driving speed limit
- Report in case you meet with an accident even when it is not your fault
- Install a accident camera to your vehicle for evidence in case there is an accident
- Never drink and drive
- Always adhere to road safety rules
As long as you stay on the right side of the law, there is nothing that can really harm you. Remember that all rules are made to benefit the greater good. Be careful when you buy car insurance plans. To avoid insurance scams and frauds, it would be wise to buy your insurance plan from reputed firms like Future Generali and be assured of safe and quick service. Maintain your road behaviour and enjoy the rewards in the form of cheaper insurance covers.