Thread Starter
#1
I have always wondered on this topic, but haven"t got a clear answer. So i think this is an apt forum to go ahead with my doubt looking for answers.
Considering an hypothetical situation and assuming the following
- It is a common insurance (say third party) from a same vendor
- the cost of the vehicle(ex-showroom) (Brand A, Brand B) is same
- the same family handles both Brand showrooms in the city (uniformity of business practice)
Is there a chance that Brand A and Brand B have the same insurance cover and the same premium?
I find every showroom of the same brand has a different cost, every insurance vendor gives different quotes (some expect bargaining as well) and insurance premium to be different. Also in case of an accident different insurance vendors cover differently on terms and on money.
So what is the mathematics behind these calculations? Do they have a common practice / formula? Or is it based on the concept "Make Hay when the Sun shines?"
Considering an hypothetical situation and assuming the following
- It is a common insurance (say third party) from a same vendor
- the cost of the vehicle(ex-showroom) (Brand A, Brand B) is same
- the same family handles both Brand showrooms in the city (uniformity of business practice)
Is there a chance that Brand A and Brand B have the same insurance cover and the same premium?
I find every showroom of the same brand has a different cost, every insurance vendor gives different quotes (some expect bargaining as well) and insurance premium to be different. Also in case of an accident different insurance vendors cover differently on terms and on money.
So what is the mathematics behind these calculations? Do they have a common practice / formula? Or is it based on the concept "Make Hay when the Sun shines?"