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ICICI Lombard Expert Blog
 

Car Insurance Costs to Reduce with the Use of Technology

July 04 2016
Car Insurance Costs to Reduce with the Use of Technology

It is considered that motor insurance premiums will come down due to the adoption of technology despite increase in third party cover rates. Experts have suggested that due to the use of devices like rear view cameras and mobile apps that enhance safety, car insurance premiums might actually be slashed by half.

With new, more stringent rules being imposed, there is a probability that features such as anti-lock braking system will become a fixture in every car. Attempts are being made by Indian auto manufacturers to optimise the safety quotient of the cars with technology.

The motor insurance premium in India is pegged at around 1-1.5% of the sum assured while the high-end cars get a discount of about 50% of the sum assured. This is because such cars work with advanced technology that minimises the risk. With many new motor technologies coming into play, insurance companies are now gearing towards a prevention approach instead of a protection approach.

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