February 27, 2024

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Do you drive an unknown Asian car brand?  This is the impact on your insurance premium  My guide

Do you drive an unknown Asian car brand? This is the impact on your insurance premium My guide

independentAsian cars are slowly gaining ground in the Belgian market. But does this little-known car brand change anything regarding your insurance and your premium compared to a classic, solid European brand? independentbender.b Discover.

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Insurance companies always look to the future when determining the amount of their insurance premiums. They try to evaluate the risks: How likely are they to pay (high) compensation to their clients in the future? That's why they also want to get an insight into the quality of each vehicle and how safe the vehicle is on the road. This is exactly the problem…

Since many new Asian brands are only now entering the market, insurance companies do not yet have data to determine the difference with a regular “Western” car. For example, there are still no or very few representative figures on the number of damage cases, the average cost of a particular type of repair, and the number of serious accidents involved in these cars. This data will of course be available in the future, because it is expected that more and more people will buy an electric car from an Asian brand.

Bottom line: For now, nothing will change for your insurance and premiums. But that may change in the future.

To store your car in your garage or on the street: This is the impact on your insurance premium.

What other criteria do insurance companies use when determining your premium?

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One of the most important criteria is definitely the municipality or city in which you live. Those living in the city are guaranteed to pay a higher premium. This is because the risk of accidents there is greater, because the traffic is more congested. The risk of vandalism also usually increases.

The amount of your car insurance premium also depends on, among other things, your car's list price, its power (HP/kW), no-claim years and the number of kilometers you drive each year. The higher the list value and the higher the stock value, the more you pay. Makes sense, because if you can drive faster, the risk of accidents is greater. And if you have a more expensive car, the likelihood that it will be more expensive to repair also increases.

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Finally, the “age” aspect plays a major role in calculating your premium. A slightly older driver has much more driving experience than someone who has just obtained a driver's license. Such a driver can assess risks better and is therefore less likely to have an accident than someone in their twenties.


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