Download - Facts about Car Insurance
Car Insurance
Managing the Risk
Did You Know?• Every day, there are 3300 deaths and
6600 serious injuries on the road in the world
• 1.27 Million People in India sustain serious injuries due to road traffic
• Although India has only 1% of the world’s motor vehicles, but it accounts for 6% of the total global RTA deaths
What is Car Insurance?o Car insurance is an
Arrangement between an individual (consumer) and an insurer (insurance company)
o Protects an individual against loss due to theft or traffic accidents
o It provides financial compensation to cover damage caused
Benefits of Motor Insurance
• Provides economic safety net• Covers the bills of vehicle repairs• Provides appropriate death benefits
Insurance Rate Influences
• Following categories influence your car insurance premium the most:
• Driving Recordo The cleaner your driving record, the lower your premium
• Ageo People under age 25 pay higher premiums
• Gendero Men have more accidents, rates may be higher
• Marital statuso Married drivers have fewer accidents, so rates are lower
Save Money !!
• Shop around for best deals• Select coverage that suites you• Opt For highest deductibles• Avoid expensive or high-performance vehicles• Enquire and take advantage of discounts