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- Effect on premium amount due to place of residence
09-08-2016 03:10 PM
09-08-2016 03:10 PM
Can my place of residence effect my premium amount?
18-09-2017 05:55 PM
18-09-2017 05:55 PM
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.