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Contributor
chavibasu
Posts: 67
Registered: ‎02-08-2016

Effect on premium amount due to place of residence

Can my place of residence effect my premium amount?

1 REPLY 1
Occasional Contributor
VVidya
Posts: 9
Registered: ‎30-05-2017

Re: Effect on premium amount due to place of residence

Yes,

 

Premium calculation is effected by the Location.

 

According to IRDA norms, India is bifurcated into 2 zones.

 

Zone A: Ahmedabad, Bangalore, Chennai, Hyderabad , Kolkata, Mumbai, New Delhi and Pune.

Zone B: Rest of India

 

Same is done on the basis that vehicles in some cities are more prone to risk then other cities.