The car insurance premium amount depends on many things like your car manufacturer, model, geography, etc. Here are the top 5 factors that affect your car insurance premium amount. Cars also have a variety of segments and variants.
Like smartphones, cars also have a variety of segments and variants. Such as hatchback, sedan, SUV, sports car, luxury car, general car, petrol car, diesel car etc. Well now even electric cars are running on the roads. The more necessary petrol and diesel are in these cars, the more important is their insurance. By getting car insurance , the car owner gets many benefits, such as if your car is damaged due to road accident or any other reason, then you can get it repaired without spending out of your pocket. Not only this, if someone else has suffered damage due to your car, then the insurance company provides you protection by covering that loss.
Car insurance is a must for car owners. But do you know that different factors can increase or decrease the premium of car insurance. The car you are going to buy, the insurance company may charge a higher premium on it.
Factors affecting car insurance premium
Car price
The value of your car will determine how much premium you will have to pay for it every year. If your car falls in the expensive and luxury category like imported car, luxury sedan, SUV, etc. imported from outside the country, then you will have to pay a higher premium than a normal or small car. This is because when it is damaged or damaged, it costs more to repair or replace a body part.
Car model and variants
If your car model is new and the manufacturing is recent, this will reduce your car insurance premium . At the same time, if you take a diesel vehicle, then you will have to pay a higher premium than petrol. This is because the cost of repairing diesel-powered cars is high.
Car engine
Engine size is usually indicated by how many cylinders a vehicle has. How many cylinders is your car ie V4 engine is V6 engine, it will tell how much insurance premium you have to pay. An engine with more cylinders shows more power and is also costlier, so you will have to pay a higher premium for such an engine.
Safety Features
If you are buying a car, then you should pay full attention to the safety features in it. Airbags, locks, advanced braking system, ABS and EBD, rear parking sensors, anti-lock device, GPS tracking device etc all ensure your safety and that of your car. Not only this, if your car has maximum safety features, then your insurance premium will also be less. Because due to more safety features, the risk of damage or theft of the vehicle is reduced.
for personal or commercial use
Are you buying a car for commercial use or for personal use? Buying for commercial purposes, the insurance company will see this as your investment and may charge you a higher premium for your car. Apart from this, the company also sees where your place of residence is. If you live in a city, not a rural area, you may have to pay a higher premium, as the city is more prone to damage, accidents and theft.
You have to see which insurance will be right for your car. It is very important to have a good car insurance plan to cover the loss of a car after an accident, theft, natural or man-made calamity. Here the car insurance plan of Reliance General Insurance provides financial protection to you and your car.
If you have to pay a higher premium for your car due to any reason, you can reduce your premium by taking advantage of their No Claim Bonus (NCB) and discounts. This plan comes with many benefits. It offers 5000+ cashless garages, this plan also includes accident cover of 15 lakhs, with the benefit of no claim bonus. It has a Claim Stallment Ratio of 98% and the process to get it is also very easy. You can buy it online with 70% discount.
