New insurance for bying and renewing

Buying or renewing insurance for your car might get a little more complex as insurance pricing gets more complicated. Customers will now be judged on new risk parameters.
Motor insurance forms will ask for more information like is the car driven to work or not? How many cars are there in the family? Which cars have been driven in the past five years? Claims history, areas where the driver would be using the car maximum.
Insurers say that the price of insurance will vary according to customers risk profile and individual companies will decide on their pricing strategy. This will be in addition to other criteria which insurers have devised internally and information on which has begun to be shared by them.
Which are the vehicles that are more theft prone? What is the rate of accidents for cars with higher engine power? Area wise breakup of traffic congested locations where the threat of damage to the vehicle could be higher amongst others are shared by the insurers.


Courtesy:NDTV
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