Auto insurance rates vary widely from place to place and vary by type of car.
In some countries, such as Germany, the average insurance rate is 10% per year.
In other parts of the world, such a rate is typically less than 1% per annum.
Here are some of the common rates in India.
In India, there are various insurance types that cover car insurance.
For instance, the national auto insurance scheme covers all types of vehicles, while state auto insurance schemes cover vehicles of certain classifications and also certain types of passenger vehicles.
The state-run insurer, AERICO, covers auto insurance for all types and classes of vehicles in the country.
The cheapest car insurance in India is for the Tata Tata (tata) Car, which has a policy for two years, the lowest is for a Toyota 4Runner (toyota) with a policy of 12 months, and the highest is for an Audi A4 (audi) with an policy of 20 years.AERICO says that the AERCO-T insurance is a single-point-of-care policy that is applicable for all car owners.
The benefits include coverage for theft, damage and collision, and coverage for medical expenses.
The policy includes the insurance for accidents involving the driver and passenger, such that the insurance will pay the total loss of the driver’s/pilot’s property in case of injury.
The maximum deductible for the policy is Rs 2 lakh, and it has a premium of Rs 1,000 per person.
In a bid to improve the safety of drivers, the government is looking at ways to incentivise people to drive in a safe manner.
The Ministry of Road Transport and Highways has also created an electronic system that will be used to monitor drivers’ behaviour.
In a pilot project in Bangalore, AeroBricks, an auto insurance provider, has also been piloting its own insurance program.
According to the Insurance Department, an average driver has around 30,000 kilometres driven in his/her life.
Of these, around 40,000 are on the road and around 20,000 in auto insurance.