I have a 2 wheeler purchased in 1998 for which insurance renewal had to be done. A visit to the firm got my BP rollercosting…there was a hike of 20% in premium rates from last year!!
There are 2 types of insurance for motor vehicles. Type A – where damage to vehicle including thefts, fires etc is covered and quite highly priced. Type B – where you can not claim any accidents damage etc but the insurance company will cover you in case somebody sues you for accident upto a maximum of 50,000 INR.
On closer scruitiny with 2 other firms offering insurance, to my surprise all of them have raised the premiums and when I requested for a discount since the policy did not have a single claim in the last so many years, the Manager rudely pulled out the book and showed me where it was printed “the company is at its discretion able to judge and set premium levels including complete rejection without reasons”.
That was the last straw. Its like the cops catch you without the cheapest type B insurance and you need to pay fines, sooner or later the insurance firms will catch up with premium rates so high, cops will seem cheeper by fines!!!
This is another way of penalty for using private transport I guess!!