Insurance premium

[GoDDy]

I had 2 accidents last year and i claimed both which amounted to Rs.52000. This year the insurance premium has been increased when I questioned they said "There were Two claims intimated and premium higher than last year."
Is that how it works? I'm bit puzzled, How does claiming has an impact on the premium, how do they calculate?
FYI.
Last year premium was: Rs. 49,075
This year premium is increased to: Rs. 83,011

Edited April 6 by GoDDy

[Hyaenidae]

3 hours ago, GoDDy said:

I had 2 accidents last year and i claimed both which amounted to Rs.52000. This year the insurance premium has been increased when I questioned they said "There were Two claims intimated and premium higher than last year."
Is that how it works? I'm bit puzzled, How does claiming has an impact on the premium, how do they calculate?
FYI.
Last year premium was: Rs. 49,075
This year premium is increased to: Rs. 83,011

Nah they must have changed the sum insured figure of your car.

[iRage]

22 hours ago, GoDDy said:

I had 2 accidents last year and i claimed both which amounted to Rs.52000. This year the insurance premium has been increased when I questioned they said "There were Two claims intimated and premium higher than last year."
Is that how it works? I'm bit puzzled, How does claiming has an impact on the premium, how do they calculate?
FYI.
Last year premium was: Rs. 49,075
This year premium is increased to: Rs. 83,011

Well. When you have no claim bonuses it usually gets applied to lowering your subsequent premiums. So, by making your claims, you might have lost them. However, I doubt your premium would have increased by that much just by losing any bonus discounts.

What might have happened is that they reassessed your risk profile and the valuation of your car along with the loss of the bonus discounts. This usually does happen in other parts of the world so I can't see why it wouldn't in SL.