Paying insurance premium is one of the burden duties of a vehicle owner. So far, the Insurance companies have been rigid with their premiums. They even classified their premiums based on vehicle segments.
The Insurance Development and Regularization Authority is now charging fewer tariff. This has made premium payment hassle free for the car owners.
The general insurance companies both private and public sector are offering discounts to car owners who have made no claim in the past. They are now providing discount of 40 percent on annual premium. This is a huge reduction!
The insurance companies are not only encouraging safe driving habits but also promoting compliance to safety rules. If you are one of them, then go along and grab the discount.
Very useful information! i ll inform all my friends who are crying with burden of premium…
That is great news. So a car owner who has had no history of insurance claims can now pay lesser than those who claim often. This is a welcome move as those who are careful will be rewarded and those who get into accidents will be penalised. I am happy that Insurance Companies have woken up to and are bringing in attractive rules.
Insurance premium have been low in india as PSUs are subsidised by the government. India has one of cheapest premiums in the world. Despite this, the IRDA has gone ahead with de-tarrifying scheme. This is a welcome move.
Discount in car insurance premium sounds like a great relief and up to 40% it is definitely a good step taken by them.Hope there are no hidden charges there.