Prominent Factors Affecting the Premium Charged
Car insurance as the name suggests is the insurance or the coverage which is purchased for the cars. Purchasing of the insurance is done in order to guard protect the customer from the losses that incur in case of any miss happening like accidents. Following the public policy it is mandatory to have car insurance before buying and using one.
An extra payment called deductible is charged each time a car is serviced via policy. A compulsory excess payment is the minimum amount that the company accepts on the given insurance policy. The term voluntary excess holds its ground when one voluntarily offers to pay additional excess then the one which is demanded by the company
Basis on which the premium is charged
1.††† Gender- men cover more miles on wheels as compared to women. So as a result their accident ratios grow exponentially as compared to those of women. Consequently the surcharge is lower for women drivers. But it seems that this premium discount is only for young women. For all adults the rates are same. Evidently ending this discount feature would not affect much changes in the premiums offered to most women.
2.††† Age-teenagers with no driving experience and who are more prone to rash driving and accidents have higher premiums. However leniency in premiums can be offered if teenagers go under proper training from recognized places and schemes and pass them.
3.††† Unmarried drivers are seem to have been charged insurance premiums that are higher then those of married drivers.
4.††† Vehicle- higher premiums are charged to the owners of sports cars and sport utility automobiles then the owners of luxury cars.
Online purchasing of insurances has decreased the stress caused during this process to a great extent. People donít need to consult innumerable agents and look for appointments on their free days and to go through the same procedure again and again, every time one needs to present his terms in front of an agent or consultant.
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