Answers - Insurance

Auto Insurance premiums are never computed on a flat rate. The premium payable by each individual varies and is dependant on several variables. There are several fact

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ors that are used by auto insurers to determine the premium payable for auto insurance coverage.

The rate of vehicle insurance is arrived at after taking into conside

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

ration the following:

1. Your age. Generally younger drivers are considered to be high risk and so the insurance rates are higher. Similarly older drivers too pay hig

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

her auto insurance premiums as with advancing age eyesight and coordination may become problems that affect driving.

2. The make of your car. Most insurance companies

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

tabulate auto insurance rates based on the make of the vehicle. Compact cars and sedans have lower rates while sports models, exotic cars, and SUVs are assigned high r

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ates of premium.

3. Gender is a factor too. Females get lower rates of auto insurance while males pay higher auto insurance premiums. Male drivers are consider high r

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

isk individuals as compared to females. According to statistics more accidents are caused by men than women drivers.

4. Financial stability. Auto owners with great c

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

edit scores and credit reports generally pay lower premiums than those with bad credit scores and reports. If you are considered to be a dependable individual then ins

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

urance companies offer lower premium rates.

5. Driving records have a say in premiums payable. If a driver has a clean driving record for three consecutive years then

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

auto insurance providers will happily extend policies with lower premiums.

6. Where you stay. Those who live in the city pay more than individuals who live in the co

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ntry or suburbs. Areas with lower crime rates and less congestion attract lower auto insurance premium rates. So if you live far from the maddening crowd then you will

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

benefit by paying much lower premiums.

7. How many insurance policies you hold. If you approach for auto insurance the same insurance company that has you covered fo

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

r life, health, hone and so on then you would automatically be eligible for great discounts on premiums payable for an auto insurance policy. Since the company already

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

knows you and you have established credibility with them you will receive better rates as the insurers know what amount of risk you represent.

8. The condition of th

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

car will be considered before offering a policy. The make, how old the vehicle is, its maintenance, and so on. A car in prime condition will get better premium rates

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

than a rattletrap.

9. The distance traveled per year. If you restrict the number of miles traveled then you will be able to get auto insurance at lower rates. To do t

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

his you need to walk, use public transport, and car pool. Similarly a car used only for personal purposes will warrant lower premium than one used for business travel.

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

10. Whether or not you are eco-friendly. If you care for the environment and drive a non polluting vehicle then the auto insurance premiums will be lower. Auto insur

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ers weigh the pros and cons of several factors before offering a viable premium rate. As a vehicle owner you can make an effort to lower your premium payable by keepi

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

ng in mind all the factors that will affect your auto insurance premium. Most important always compare quotes from different auto insurers before deciding on a policy

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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