How the Premium of Used Car Insurance Varies

Nderpal ahluwalia | September 21, 2017

article image
As they say, nothing comes for free and everything has a price on it! Similarly, every car insurance comes for a cost, i.e. a premium. However, the car insurance premium for a used car would differ in every case. Let us highlight the factors which have an impact on your used car insurance. It's a no-brainer to debate on having a car insurance policy. As we know, a car insurance is not only mandatory as per Indian law but also acts as a savior during the time of the crisis. It not only protects your car from accidental damage or calamity but also has driver’s protective cover. No premium calculation of used car insurance is the same as each and every case comes with different criteria and condition. Let’s have a look at the factors that make the premium payable of a used car vary for each case.

Spotlight

Association of British Insurers

The Association of British Insurers is the leading trade association for insurers and providers of long term savings. Our 250 members include most household names and specialist providers who contribute £12bn in taxes and manage investments of £1.6trillion. The ABI’s role is to: • Be the voice of the UK insurance industry, leading debate and speaking up for insurers. • Represent the UK insurance industry to government, regulators and policy makers in the UK, EU and internationally, driving effective public policy and regulation. • Advocate high standards of customer service within the industry and provide useful information to the public about insurance.

OTHER ARTICLES

Social media intelligence for insurance?

Article | April 21, 2020

In the financial services industry, reliance on big data has been increasing at a global level. The usage is not limited to marketing purposes alone but extends to fraud and risk prevention. Customer demand for personalised products is responsible for this shift. The future of insurance is also being shaped differently due to this. The current lengthy questionnaires won’t be needed at all. Just the data collected will help to accurately predict risk and create policies customised to the person’s needs.

Read More

The impact of Coronavirus on the insurance industry

Article | March 20, 2020

Unsurprisingly, that has had a knock on effect on financial service providers across the board and those in the insurance industry are no exception. In some cases insurers have started taking action to protect their businesses which, while sensible, left many consumers in the lurch as airlines failed to cancel flights and governments issued conflicting advice as to whether people should travel or not. Others in the insurance industry meanwhile are being forced into action to customers’ benefit by governments’ emergency responses to the virus.

Read More

The role of AI in enhancing claims experience for Insurance customers

Article | February 12, 2020

Insurance customers are most vulnerable when they file a claim. Be it life or general insurance, claims are filed in distress. This is also a critical moment for Insurers. The claims experience they deliver determines customer loyalty, which also influences referral customers in the long run. In the Insurance industry, where products and pricing among the competitors are almost the same, customer experience becomes the main differentiator.

Read More

Is Your Small Business Protected by Cyber Insurance?

Article | March 6, 2020

The expenses resulting from a data breach can be staggering. A cyber insurance policy can help you recover without putting your business at financial risk. Cyber insurance can help small businesses recover from a data breach – but finding the right policy for your business can be challenging. These tips will help you find the right cyber insurance policy.

Read More

Spotlight

Association of British Insurers

The Association of British Insurers is the leading trade association for insurers and providers of long term savings. Our 250 members include most household names and specialist providers who contribute £12bn in taxes and manage investments of £1.6trillion. The ABI’s role is to: • Be the voice of the UK insurance industry, leading debate and speaking up for insurers. • Represent the UK insurance industry to government, regulators and policy makers in the UK, EU and internationally, driving effective public policy and regulation. • Advocate high standards of customer service within the industry and provide useful information to the public about insurance.

Events