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ICICI Lombard Expert Blog

It's time to get ready for higher medical, car insurance premiums

May 02 2012

With Government asking insurers to bear with the loss making risks, the chances of doubling insurance premiums on car and medical may is sure to hit one and many. In fact, you may soon notice the general insurance policies such a health, motor and property to become expensive in terms of premiums. The insurance rates may be expected to jump at least 15-20 percent for both motor and health covers. While, motor and health wouldn't get directly impacted because the pricing may get affected indirectly, but property, marine and fire are sure to experience a direct hit.

The best advice to avoid many uncertain changes is, to go for covers on health etc. at a younger age. Also, eventually you can take to brace for the premium or shop for the same. Yes, even if you are an insurance holder of a particular product since many years for the same company you can still switch to another firm if you are suddenly feeling the pinch of increased premium. All thanks to the world web platform by comparing insurance prices you can easily shift your base to a better product and company that offers better facilities and cheaper policies.

In terms of health insurance a top-up is the best solution instead of an entire policy. This choice is the cheapest and affordable one if you are unable to bear with the burden of increasing premium. Also, the option of No-claim bonus which can provide you a discount on the premium for every claim free year. Hence keep in mind to get the right NCB on car renewal. So, it may be an ideal plan to forgo a small claim on the car to retain the accumulated NCB in order to enjoy the benefits linked with the product.

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