Insurance By Choice

Since IRDA announced in December 2007, allowing car insurers to decide premiums, premiums have fallen drastically. Car Premiums are as much as 30% cheaper now as compared to last year. The focus is clearly on adding more and more retail customers. Commercial vehicles & Two-wheelers have also seen a drop of 20%.

In 2007, the insurance premium for Honda City was around Rs 20,760 in the city of Mumbai. This year it is at around 15,770. There is a immense competition prevalent among car insurance companies at the moment. If you want to insure a Tata Indica through ICICI Lombard, you will need to pay around Rs 11,724, whereas National Insurance Company is offering insurance at Rs 8,048 for the same vehicle.

One point which is quiet clear is that this competition is going to make customer the king and they are going to benefit a lot by each coming year.