Vehicle Insurance

[vivekkr_99]

Originally Posted by elf

I don't see a day too far away in India, when a 22 year old shall have to pay a premium of 70% above that paid by a 35 year old for exactly the same vehicle. 'High risk', you see...

From the news paper reports, it seems you dont have to wait long for this to happen. The age of the driver, his claim history and the no.of years of driving experience (with a license, of course) will play a part in fixing the insurance premium. I dont have any statistics to prove that younger aged drivers create more accidents than aged (experienced) drivers. But personally, I am a less rash driver now after 12 yrs of driving, compared to how I used to drive in my early 20s. For an experiencd driver, if he drives carefully and doesnt make claims every year, why should he shell out the same premium as another guy who is just the opposite?

[elf]

Originally Posted by vivekkr_99

... From the news paper reports, it seems you dont have to wait long for this to happen. ...

I know. Welcome to insurance hell!

Originally Posted by vivekkr_99

... I dont have any statistics to prove that younger aged drivers create more accidents than aged (experienced) drivers. But personally, I am a less rash driver now after 12 yrs of driving, compared to how I used to drive in my early 20s. ...

Amen! Am still a bit nuts, but then who isn't?

Originally Posted by vivekkr_99

... For an experiencd driver, if he drives carefully and doesnt make claims every year, why should he shell out the same premium as another guy who is just the opposite?

I just hope the scalping insurance companies see this the same way. With my luck & the state of the regulatory authorities, it looks like I'll be 52 years old with an impossibly clean driving record before I'd be able to afford the premium on a Maruti 800!

More pertinent to most members on this forum, how will these changes affect the aftermarket modifications industry? Will they even clamp down on something as simple as a universal low restriction air intake, or will it take more serious mods to come under the scanner? And who'll decide your premium finally?

[vivekkr_99]

Originally Posted by elf

I just hope the scalping insurance companies see this the same way. With our luck & the state of regulatory authorities, it looks like we'll be 52 years old with an impossibly clean driving record before we'd be able to afford the premium on a Maruti 800!

Well said, but I really hope it wont be as bad as that... We can only wait to see what exactly unfolds in the insurance "drama".

Originally Posted by elf

More pertinent to most members on this forum, how will it these changes affect the aftermarket modifications industry? Will they even clamp down on something as simple as a universal low restriction air intake, or will it take more serious mods to come under the scanner? And who'll decide your premium finally?

Yes, how this detariffing is gonna affect the existing premiums is not known. There will be a lot of hue and cry on whatever premium rates are fixed and whatever be the criteria for that. It may take some time for the dust to settle and things to become clearer.

[nitrous]

Apart from this, if u had a crash/claimed insurance in the previous year.
Ur insurance premium would go up depending on the claim amount.
This happens abroad.

Also, if i was driving my dad's car and crash, can the insurance be claimed??