What factors influence my auto insurance premium?

[nikhil]

What factors influence my auto insurance premium?

[sama]

Hi Nikhil,

There are many factors that affect your premium like your age, car model, age of your car etc.

[sindian]

Hi Nikhil,

I agree to Sama, it all depends on the condition of your car, age etc

[shef]

Hey Nikhil,

Even I would like to know about the same.

[rizvan]

List of factors that determine the insurance needs and the premium.

1. Car information:

• Make of the Car like Hyundai, Mercedes, Honda, etc.
• Class of the car like SUV, Sedan, Family car, etc.
• Model of the car like Escort, Fiesta, Fusion, Hyundai, 7 series
• Car by Fuel type such as petrol, diesel, LPG, etc.
• Year of manufacturing of car
• Place of registration of car 
• Current showroom price of the car.
• Number of Kilometers used.
• Modifications done on a car.

2. Drivers age and experience affects the premium amount of the car insurance policy. 

3. Higher voluntary excess also reduces the Insurance premium. It’s the amount the insured volunteers have to pay in case of any claim.

4. Coverage level of the insurance is a major factor in determining the premium you may have to pay out. The more coverage you opt for higher will be the premium and vice versa