In a shocking report, car insurance consumers have been asked to be prepared to pay more on motor insurance premium. Yes, insurance premiums are now getting expensive for the reason that Indian government has directed insurers to accept the risk of loss-making productions on their books or hike insurance premiums sufficiently. This would make huge impact on the car insurance subdivision particularly, as guarantors were utilized to accrue their perils in a common insurance pool.
The premium rates are anticipated to hike by about 15-20 per cent for car insurance plans. The managing director and chief executive of Bharti AXA General Insurance Company, Mr. Amarnath Ananthanarayanan feels that it all depends on the insurer as well as the pricing model and whether or not it would follow suit. He also gave an example of paying annual premium of INR 15,000 on a comprehensive car cover wherein the consumer has to shell out 3,000 INR more due to the 20 per cent hike anticipated.
There are many things that can be done in order to switch to an affordable option for car insurance such as shopping around and comparing a lot of quotes online. It is also important to choose the voluntary deductible on your car insurance policy online.
The customer service head of ICICI Lombard Mr. Sanjay Data has declared that motor premiums will not get directly impacted but the pricing will certainly suffer indirectly. He also added that the ever-increasing inflation in the auto industry will cause car insurance premiums go up to about 18-20 per cent.
Hence, the experts have advised potential consumers to get into detailed price comparison for car insurance using quotes available on various websites these days. The process is quite simple and easy. Another idea is to switch over to a cheaper car insurance plan at the time of renewal.