Renewing your motor insurance policy? Here's why the premium could be lower
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New Delhi, May 27 -- The extended lockdown in the country in the wake of covid-19 pandemic has resulted in a sharp drop in claim incidence for general insurance companies, as policyholders mostly remained off roads. Fewer accidents in the last 60 days meant lower loss ratio for insurance companies.
In a bid to pass on the benefit to customers, some companies such as Acko General Insurance Ltd are offering a discount of around 10-15% on renewal of motor policies. "We have given a discount on the comprehensive (third-party plus own damage) cover at the time of renewal, but it is on a case-to-case basis," said Animesh Das, head of product strategy, Acko General Insurance. "Until the second lockdown, claims had dipped by almost 90%."
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