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Your parking slot may decide your vehicle's insurance premium

Discussion in 'Insurance & Loan Reviews' started by ghodlur, Dec 17, 2013.

  1. ghodlur

    ghodlur Esperto

    Until now the Insurance premium for any vehicle was dependant on the geography, model, variant of the vehicle one owned in addition to the registration, driver's age & engine capacity. Going forward the Insurers will factor the person's driving history, colour of the vehicle and also the parking slot the person would park his car. If the Insurers have their way then this is going to be reality very soon. The following link has the details.


    Couple of things mentioned in the article are contradictory:
    1) Driver cause the accidents and not the vehicle.
    2) Black coloured vehicles are more prone to accidents whereas white coloured one are prone to theft.

    Going forward the Insurance will more of a customized product.
    1 person likes this.
  2. C_S

    C_S Amatore

    I am sure if all the factors are considered, Fiat cars will be one of the safest cars and the damage caused in an accident will be the least compared to any competition.

    If quality of build is considered as a key factors(damage causes maximum loss to insurance companies), all Fiat owners will be paying far less premium compared to others.

    We should invite such regulations especially the ones such as driver history of accidents, experience, it will reduce Road Rage to a large extent and a lesser premiums will be an incentive for good disciplined driving.

    1 person likes this.
  3. ramjn

    ramjn Staff Member Janitor

    Linea 1.3
    These factors are being discussed for so long. At least I am hearing this from 2007-08. I really don't know how and when are they going to implement this.
  4. shams

    shams Esperto

    At present every insurance company does take into account insured's claim history every time we go for renewal with the same company and raises the renewal premium accordingly.
    This data however is not shared across companies so we have the option to change the insurance provider and reduce the premium.

    This is other than the NCB, data of which is shared across companies.
  5. I heard in some country Red and Yellow Colored cars carry more premium since they are more of a Racing color. Similarly Cars equipped with GPS Tracking system carry lesser premium.

    If FIAT cars has to be charged with lesser premium for being stronger and safer, How would an alto and eon be charged ? In that case On-Road price for Punto and Eon/Alto will be the same though the ExSroom price will have a huge difference. :-D

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