Car insurance is undoubtedly the fastest growing industry in Pakistan, with each day passing the number of car insurance providers to increase in Pakistan. With the increasing players in the market, things need to be treated with additional care because there are many frauds that are recorded in the matter of car insurance in Pakistan, hence, we are here with the article, which will discuss the factors that determine the price of car insurance in Pakistan.
Every car insurance service provider comes with a different plan and offers various types of promotions for clients. Every company claims that it is the best car insurance company in Pakistan and provides the best auto insurance. So many choices and offers make it difficult for customers to assess and find which of the best according to their needs and budgets. So, that is why it is essential to get car insurance quotes before making any final decision in this matter.
Apart from the extreme request for car insurance in Pakistan, there are still shortcomings of enough information about this problem. One of the main reasons is that potential car insurance customers do not have access to reliable information sources. The car insurance companies will try to make you their customer because they want business but as we mentioned earlier, always, get proper car insurance quotes from different companies and channels so that you get the best vehicle insurance for you and your family.
6 Factors that Determine the Price of Car Insurance in Pakistan
Following are the somethings that are determined before finalized the vehicle insurance and the price of car insurance in Pakistan:
- Driving Record
Your driving record includes a history of moving traffic and at-fault accidents. This is one of the biggest factors that determines your car insurance rates. Car insurance companies see your driving history for the past three to five years, depending on your country. If you have caused a car accident or receive traffic tickets, hoping to pay more for car insurance.
Those who have extensive AT-Fault accident history, traffic violations and / or Dui / Dwi beliefs, might face a hard time finding car insurance. If the insurance company rejects your claim, you can end up with non-standard car insurance, which is for “risky” drivers. Or as a last attempt you have to buy car insurance from the risk of your country’s risk assigned.
But this is the good news: no matter what is in your driving history, you can immediately work to fix it. Practice safe driving habits and avoid violations such as tickets and accidents that quickly pay off. It may take several years, but the longer you drive without the incident will produce better car insurance rates.
- Credit
Many car insurance companies produce many credit-based insurance scores when setting tariffs. They argue that credit predicts the possibility that you will submit a claim. And that is why, you should do your research and try to get the cheapest car insurance as per your demand and need.
- Location
It matters because of higher levels of vandalism, theft, and accidents, urban drivers pay higher car insurance prices than those in small cities or rural areas. Where you park your car (on the road or in a safe garage) and the anti-theft feature can have an impact on the essence too.
Other factors that influence premium prices of car insurance in Pakistan that can vary from one area or other state are: Litigation costs and frequencies; Medical care and car repair costs; prevalence of car insurance fraud; and weather trends.
- Age
In general, adult drivers have fewer accidents than less experienced drivers, especially teenagers. Insurers generally charge more if you are teenagers or young people under the age of 25 drive your car.
- Gender
Statistically, women tend to enter fewer accidents, have fewer under-bottom accidents (duises) and – the most important – have an accident that is less serious than men. So, all the other things are the same, women often pay less for car insurance than their male colleagues.
The car you drive – the cost of your car is the main factor in the cost of insuring it. Other variables include the possible theft, repair costs, engine size and overall car safety records. Cars with high quality safety equipment may qualify for premium discounts.
- Cubic Capacity
Each car has a machine size, which is measured as the cubic capacity. Machine size affects your insurance premiums and must pay for third party insurance protection. The same premium amount for new cars such as for older cars, because the premium is a function of the size of the machine, and not age.
We hope that this article will help you in getting car insurance and deciding what are the best options for car insurance in Pakistan. The car insurance in Pakistan is not that common, but we will urge you to get it and PakWheels.com also helps you in this regard. You just have to visit the website, check the car insurance quotes and rates of all major companies in Pakistan and then make a right decision for you, your family and most importantly your car, because at the end of the day, you are doing this all for your car and its health.
