Car insurance saves you a lot of money when going out on a busy road, thereby promising you to getting all your expenses covered, which you might have to bear in the event of an accident, a sudden hit or a similar incident. Such great benefits offered by various insurance companies lead to a competitive environment in the market.
In India, the insurance market is pretty vast, and therefore, the industry is expected to see a continuous growth, based on economic growth as per different initiatives by the government of India. Insurance companies put forward multiple insurance plans whenever one needs to get one for his car or two-wheeler. As per a senior member of management of a leading general insurance company, a growth of about 12-13% is expected at the end of FY'15-16 while this growth is expected to reach 15% at the end of the FY'16-17.
The Government Initiatives
The insurance industry seeks a massive growth with the increasing number of cars on the roads across metro cities in India, as there are multiple growth elements, including the â€˜Make in India' initiative by the Indian government, smart cities initiative, infrastructure investment, and the increasing consumption of resources across the country.
Private Sector Strategies
The insurance market in India has a great competition not just because of a large number of insurance companies, but due to such a large population. People have different choices and so are the requirements. To fulfill those requirements, there have to be multiple different plans as well. Insurance companies create marketing strategies to enlarge their customer bases respectively. Since the market is competitive, vendors got a large scope for creating marketing strategies but did not get enough time to execute them all.
Trending Motor Insurance Trends
Motor Insurance market sees a rapid shift of trends in a quick time span where the reason is nothing but trending desires of individuals. People bringing imported vehicles want those insured, which leads to a high premium amount paid annually. On the other hand, a large share of people these days prefer hiring cabs for to-and-fro traveling within the city.
Insurance Policy Renewal
When it comes to renewing car insurance online, one possibly gets in touch with the previous insurer while some prefer to explore the insurance market and available motor insurance plans. For car insurance renewal, one needs to ensure that the new insurer covers as much as possible under the policy. Therefore, the need for a thorough market review is experienced.
At the same time, one also needs to explore the upcoming plans too, which will be helpful in deciding which plan is worth buying for the maximum security and coverage.
Choose Insurer Carefully
Choosing an insurance policy for your car is not as easy as it seems. In fact, one needs to explore a range of insurance plans offered by multiple companies to find the best fit. Another option is to explore car insurance policies on the Internet and compare them. Choose the most suitable one with a less annual premium and high sum assured or IDV.