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Future of Car Insurance in Russia
December 21, 2012 23:19

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Insurance companies expect the number of motorists buying comprehensive insurance to grow as they begin to offer significant discounts for owners who agree to install new satellite navigation systems.

What's the buzz?

Ingosstrakh, one of the industry leaders on the Russian market, is convinced that the high tech equipment helps decrease the accidents rate. According to the results of a pilot project, motorists appear to be driving more cautiously knowing that each of their steps is monitored by the invisible system.

That's why Ingosstrakh is prepared to lower insurance premiums by 30-70 percent for prudent owners, depending on the features they install. The discounts are expected to compensate for the purchase and maintenance of the expensive gear, which will set you back some 11,000 roubles, or almost $400.

Ingosstrakh expects a growing demand for the new service, with its partner 3S-Telematika ordering 100,000 systems from the Russian Technologies corporation for next year.

Who benefits more?

According to experts, the innovation is a boon both for insurers and their customer base because it help to boost the sales of on the comprehensive insurance package while motorists are likely to enjoy more customised products like insurance by the hour for low-mileage drivers or discounts for those who drive in one particular region only.

Satellite technologies could play a critical role in another aspect – faster on-site registration of car incidents. In 2012, only 6 percent of incidents have been registered with motorists agreeing not to wait hours for the traffic police inspector stuck in a jam just several miles away. Insurers, too, will be less reluctant to compensate for the damage, without the fear of fraud – smart sensors have the capability to identify the level of impact and precise the car part hit in a collision, sensitive enough to register even minor scratches like fender-benders.

Author: Mikhail Vesely

Tags: Russian business     

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