The cost of commercial auto insurance can vary widely based on factors such as the type of business, the number of vehicles, the coverage needed, the location, and the driving history of the employees. On average, small businesses may pay around INR 10,000 to INR 30,000 annually per vehicle, but larger businesses with more vehicles may pay more.
Why Is My Auto Insurance So High?
Several factors can contribute to high auto insurance premiums, including your vehicle's make and model, location, driving history, coverage choices, and add-ons. Review your policy to see if there are ways to reduce your premium, such as adjusting coverage or shopping for better rates.
Why You Need Auto Insurance?
Auto insurance is necessary in India for several reasons. It provides financial protection in case of accidents, theft, or damage to your vehicle. It is also mandatory to have at least liability insurance to cover third-party damages and bodily injuries, ensuring that you comply with the law and protect yourself and others on the road.
Will Auto Insurance Cover Pre Existing Damage?
Auto insurance in India generally does not cover pre-existing damage to your vehicle. Pre-existing damage is typically excluded from coverage because insurance is meant to address unforeseen events and accidents. It's important to maintain your vehicle in good condition and purchase insurance for future incidents rather than pre-existing issues.
Why Do Auto Insurance Premiums Increase?
Auto insurance premiums can increase due to various factors, including at-fault accidents, traffic violations, changes in your location, adding a new driver to the policy, and changes in your vehicle. Additionally, inflation and rising repair costs can contribute to premium increases.
How To Save On Auto Insurance Premiums?
To save on auto insurance premiums, consider maintaining a clean driving record, bundling policies, increasing deductibles, taking defensive driving courses, and shopping around for competitive rates.