Car insurance news
04/03/2009
Price war leads to cheapest cover in India
Some of the cheapest car insurance premiums in the world may be on sale in India as price war fever grips the country, according to media reports.
Car insurers have been slashing rates by up to 40 per cent as the motor industry contracts during the global economic downturn.
Indian firms are being forced to make massive discounts as numbers of policies being issued tumble by as much as 60 per cent.
The initiative appears to be a desperate bid to try to increase business volume. Experts now believe the price war could be coming to an end.
One Indian insurer said, "Premiums have fallen sharply but we could be close to the bottom. Our sense is that markets may harden in the next six months."
Such a price war has led to some of the cheapest car insurance prices seen in India for many years - which is good news for cash-strapped motorists who, like UK drivers, are legally obliged to have cover.
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