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If your motor cover is up for renewal anytime soon, you may be charged a lower premium
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The industry is expected to report a 25-30% drop in business growth against last year. One major reason for this is drop in new business, as auto sales have taken a hit.
Also, due to the lockdown, there’s been a drop in renewals The extended lockdown in the country in the wake of covid-19 has resulted in a sharp drop in the number of claims for general insurance companies, as policyholders mostly remained off roads.
Fewer accidents in the last 60 days meant lower loss ratio for insurers. In a bid to pass on the benefit to customers, some companies such as Acko General Insurance Ltd are offering a discount of 10-15% on renewal of motor policies. “Until the second lockdown, claims had dipped by almost 90%.
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COVID-19
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