One of the service sectors that is known to enjoy a steady rise in the recent times is none other than Insurance. In today’s date, you can witness a large number of public and private players in the market who are trying to hold base in India. Moreover, each and every insurance service provider is known to come up with a wide array of policies, the feature of each one being different from the offerings of the other service providers at large.
If you were to go into the depth of the insurance sector, then in that case you will come to realize that a good number of insurance policies under various categories are freely floating in the market. However, the focus of our today’s discussion is definitely going to be motor vehicle insurance. To be more specific we will be taking into consideration the need of giving attention to the nature of work in which you are involved before shortlisting on the motor insurance premium.
As you all must be very well aware, there is a lot of difference in the frequency of usage of cars as far as a comparison between a private vehicle and a vehicle that is made use of for commercial purposes is concerned. It is but obvious that vehicles that are put on hire or more specifically used for commercial purposes are known to involve heavy frequency of usage. This is not the case as far as a private vehicle is concerned. All said and done, the end of the story is that you need to necessarily direct a huge sum of money towards your motor insurance premium if you tend to make use of your car for commercial purposes. On the other hand, if you are planning to make use of your vehicle for private reasons, then in that case you can direct comparatively less amount of funds towards your motor insurance premium. At a very basic level, this is the distinction that we can make.
Apart from this, your individual occupation also comes across as one of the leading parameters that helps determine your motor insurance premium. Most of the insurance companies are of the opinion that people whose work demands attention to details tend to possess driving habits that help avert frequency of accidents. Some of the professions that come under this particular category usually include scientists, pilots and other artists at large. The insurance service providers tend to believe that since these people are involved in jobs that require meticulous care, they tend to possess safe driving habits. Hence, many a times, people who are involved in such jobs are charged somewhat less motor insurance premiums by the insurance service providers.
On the other hand, there are a number of other occupations that involve a high level of stress. If we were to name some of these professions, then the jobs that first come to our mind include doctors, lawyers, attorneys, architects, business owners and so on and so forth. Insurance companies are of the opinion that these people have a lot of things going on in their minds, which is exactly why they are not in a position to give hundred percent of their concentration on their driving. Many a times, these people end up meeting with an accident. Hence, all those people who happen to work in the above mentioned capacities are required to pay higher motor insurance premiums. All said and done, one glance through the above article will help you figure out the role of nature of your work in determining your motor insurance premiums.