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Accident history - the premium may actually double or triple if you've had a major accident, while here, if you claim, all you lose is a no-claim bonus
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If the Indian insurance companies chose to calculate premium based on above factors, then we would be in for a major shock
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Just hope folks that the western way of insurance doesn't happen in India. It's a bloody rip off. Insurance companies and banks are legal mafia's here. Anything and everything increases your insurance. I have seen a lot of people backing off from the purchase of a car because of insurance. Also, pre-owned cars are lower on insurance compared to new ones. This is something that I have seen with my own eyes. Shocking but it's a fact.
I was working in a GM dealership. A guy comes in with a walking stick to buy a new car. He says the only car he can buy is the Pontiac Wave (Chevy Aveo). The guy had a VW Jetta that was totalled in an accident which also put him in an hospital for two months. He also had about 5 speeding tickets in the last one year. The limp and walking stick were soveneirs from the accident. The guy compromises on the car and his monthly payments come to about CAD$375. Knowing his insurance would zoom up, he calls his company right from the dealership and gets the shock of his life which also shocks the entire dealership. The company worked out his insurance at ...get ready for this guys......CAD $18,000 a year!
Thats $1500 a month! Remember, he was paying $375 a month on the car and $1500 a month on insurance. Ultimately, he decided not to buy the car. The poor salesguy didn't even try to convince him or influence him to buy the car after he heard the insurance rate.