Insurance premiums are determined based on a variety of factors, such as the age and type of car you own, the age of the driver, whether you are a first-time driver or have a previous auto insurance policy, according to the Insurance Information Institute of India (III).
The III has published its annual survey on auto insurance premiums and it has been a popular source of insurance information for Indian consumers.
According to the III, the average annual premium for a new car is Rs 3,957 for a 2.4-liter (0.5-liter engine) and Rs 5,715 for a 4.0-liter petrol engine.
In terms of the age, the premium for younger drivers is lower than for older ones, and for drivers under 25, the difference is even bigger.
According to III’s annual survey, auto insurance companies pay out premiums on the basis of a person’s income.
If the premium is lower in terms of income, the insurance company is allowed to discount the premium from its normal rate, for example, by 50 per cent.
This is the case in India if you have less than Rs 100,000 (about Rs 6,600) in income.
The III also said that a family with an income of Rs 60,000 or less is eligible for a discount on the normal rate.
However, if you earn more than Rs 60 million (about about Rs 8.000 lakh) and have a higher income, you will be charged a premium that is higher than the regular rate.
The discount varies between states.
If you have a dependant who is also driving, the insurer is also allowed to lower the premium, for instance, by 40 per cent if the dependant is younger than 24 years of age.
In such a case, the person who is driving should be responsible for the full premium on the person.
If the insurance is purchased through a government scheme, the rate will also be lower, said Dr. Suresh Khosla, a senior insurance analyst at III.
However, it should be noted that there are differences in the insurance rates across the country.
In the US, the premiums for a 1.5 liter (1.2-liter) engine and 1.9 liter (2.1-liter)[i] petrol engines are the same as for a regular car.
In India, a 1-liter diesel engine will be higher than a petrol engine at the moment, said KhosLA.
In most parts of the country, the standard rate is Rs 7,500 for a standard 1.6-liter and Rs 10,000 for a diesel 1.8-liter.
The premium is higher for younger vehicles, as the discount varies according to age and the age group of the occupants.
If you are 18 years of or younger, the normal premium will be Rs 3.30 lakh.
If your age is 20, the discount is also higher.
If, for some reason, you are 25, then the discount falls to Rs 2.50 lakh.
In cases of a collision, the maximum premium that the insurance provider is allowed is Rs 5 lakh.
A case like this can be a difficult one for an insurance company, as insurance companies have to negotiate discounts.
Insurance companies also have to make sure that the vehicle is not uninsured.
In these cases, the vehicle insurance will be cheaper than what you get in the normal insurance policy.
If a vehicle is damaged, the auto insurance company has to cover the cost of repairing the damage.
If damage is not repaired in a timely manner, the accident can result in loss of life.
In case of loss of consciousness or the loss of power, the cost can be higher.
In some cases, there is no insurance company that is willing to cover damage.
In the past, it was very difficult for the government to make a difference in the auto premiums.
However for the 2017-18 financial year, the government has announced a series of initiatives aimed at improving the lives of Indians and the country’s auto insurance industry.
The government has set up the National Motor Insurance Corporation, a government-run company that will provide auto insurance to all Indian consumers, with the aim of reducing auto insurance prices by 60 per cent over the next four years.