With the new Insurance premiums rate, it’s good news for both mass of people who use cars occasionally and those who use more than one car. The Insurance Company has planed to introduce pay-per use model of coverage for cars which is already in use in
The new concept works with the help of GPRS system which tracks the car and the rates are charged accordingly. The users will have to pay much lesser charges compare to what they pay presently. The charge will depend on the number of usage, thus reduce the burden on users. In
It is interesting to note that some good European concepts are being adopted in India also. This will save a lot of money for buyers who do not use their vehicles very often as they do in west. I hope they introduce this system as early as possible.
It is good to know that the systematic procedure for insurance premiums.This will not only reduce the interest rates but will also reduce the chances of fraudulency.
I think the system will not work in India at all. It will require a lot of monitoring or vehicles and an excellent technology to keep tab on all vehicles. Even if the system is introduced it would prove to be a liability on the whole insurance companies system in India.
Againg this leaves much to be deserved. A city user may driver less and a peson owning a car in a remorte place may use his car more. Insted of fixing premium on car usage the Insurance comanies should consider lower premium rates for small cars and wagons.
The insurance sector in India had long been under monopoly. The opening of the economy hs brough competion and inovative ideas like this one to the Indian market where the buyers have the say.
It is nice that india is adapting the the new strategies but these could have been taken care much earlier.But hope that what ever they have planned will work out systematically.
Life insurance premiums are based on your age, gender, and health, in addition to the type and amount of life insurance you need. Since people over 75 have a shorter expected life span that younger people, the availability of life insurance is usually limited.
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