There are around 14 different insurance companies in Sri Lanka which are involved in vehicle insurance. All of these companies decide their customers’ annual premium using static factors like vehicles make and model, customers age and previous claim history…etc.
This is basically a method of stereotyping every customer on historical data rather than properly calculating their individual risk levels. But If you are a careful and a responsible driver this may negatively affect your insurance premium.
Introducing Providentia by Dream Squad, a device that will be directly plugged into your car and record on how you drive and how much you drive so insurance companies can know your exact risk levels. If you are a careful driver you can get a great discount from your annual premium in the same way you get a discount using your no claim bonus!