Shanghai Scores With Commercial Auto Data

By Maggie Zhang | July 24, 2009, Friday |

Print Edition

SHANGHAI will be the first Chinese city to include commercial vehicle insurance records in its auto database from tomorrow to curb irregularities in the auto insurance segment.

From tomorrow, car owners' commercial auto data will be available via the database which already includes driver's traffic records and the owners' compulsory vehicle insurance records.

"The new data could drive out irregularities in the commercial auto market," said Sun Weikang, vice secretary-general of the Shanghai Insurance Association.

In general, insurers will charge higher premium on drivers who have accidents and have record of insurance claims. There have been cases of drivers with traffic accident records and who held a policy from insurer A shifting to insurer B to seek a lower premium when they have to renew their insurance coverage.

Including the commercial auto insurance data will curb the practice as all insurers will be able to access the same information and drivers can't hide their accidents records any more. Auto owners with a clean traffic record can enjoy a maximum 30-percent discount on premiums on commercial auto insurance.

Finance

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Shanghai Scores With Commercial Auto Data

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