Explain the effect of following physical hazard parameters on renewal of comprehensive insurance policyi. Age of driver ii. Power and capacity of vehicle iii. Load used iv. Forfeiture of custom duty

Explain the effect of following physical hazard parameters on renewal of comprehensive insurance policyi. Age of driver ii. Power and capacity of vehicle iii. Load used iv. Forfeiture of custom duty
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1 Answer

Answer :

i. Age of driver: If age of driver is more (say more than 65 years then there is more chances of accident than young driver which increases physical hazard. 

ii. Power and capacity of vehicle: If there are two vehicles one is 140 cc & other 1000 cc then physical hazard is more in 1000cc as it is having high power & speed so chances of accident is more. 

iii. Load used: If you are overloading the vehicle it creates physical hazard & chances of accident increases then premium amount also will get increase.
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