Insurance Premium Doubled

[RajeshV]

Does anybody have an explanation for this? The premium went from ₹5460 to over double that. The policy validity is till July and the car hit 15 years age in Aug, 2023 (RC renewed).

Maybe it classifies it as 15 years+ only now and that's the reason? I also had to make a claim, but my understanding is that claim based loading is not allowed in India.

 

[HumorSimpson]

@vaibhav111 @its_karan @VISHESH_BANSAL

 

[shivamk]

View attachment 59151

Does anybody have an explanation for this? The premium went from ₹5460 to over double that. The policy validity is till July and the car hit 15 years age in Aug, 2023 (RC renewed).

Maybe it classifies it as 15 years+ only now and that's the reason? I also had to make a claim, but my understanding is that claim based loading is not allowed in India.

Your NCB must have reset to 0

 

[Dragon_slayer]

Time to sell the car

 

[RajeshV]

Your NCB must have reset to 0

NCB was only ₹450.

 

[RajeshV]

Time to sell the car

I suppose... But waiting for a proper EV to replace it.

 

[Raavan]

Check quotes from other insurers.. for motor insurance it is easy to switch.

 

[dyadav11]

Yes, Claim loading is not allowed. But insurers normally offer over and above discretionary discount other than NCB discount for claim free years upto 15 years of age of vehicle. Since there is a claim in previous year and vehicle completed 15 years Insurers has not allowed any discretionary discount. They have only charged you base Own damage premium. And it is totally legal to not offer discounts.