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News from Beijing Insurance Association reports that the floating vehicle insurance premium plan was launched. It started to operate on January 1st in this year. According to the new plan, auto owners pay insurance premiums based on the previous year"s frequency of accidents. The insurance fee will be calculated based on compensation records, the amount of insurance purchased, mileage and the vehicle"s condition in previous years.
If the drivers have no accident or traffic violation for five consecutive years, they will get a big discount with 68 percent off; also, if the vehicle is involved in 8 accidents or traffic violations within a year, the insurance premium will be increased. Beijing Insurance Regulatory Bureau suggests that the drivers should go online to check their records. If the record is not based on facts, they can do the complaint to insurance companies. All of drivers can also appeal to insurance associations or insurance regulators if they find out their records are inaccurate. Bejing Insurance Regulatory Bureau says this new plan only applies in the city of Beijing. Other cities can do the reference with it.