Insurance companies apply for the regulator IRDA (Insurance regulatory development authority) to pass a bill with which the accidental claim will reject if the car is rammed by friend. This will definitely bring down the number of joyrides as well as rent the car from friends and neighbors.
On insurance, the company will ask for the members who will drive the car. The list must be filled by the owner of the car. The premium may be up and down depending on the number of persons fill in the form. If the person who is not in the list rams the car, there will be no claim passed on that accident by the insurance company. Even in the case the person has a valid driving license.
Although the proposal is still with the IRDA and it will only apply if the regulator pass it.
The insurance companies also thinking of take help from the CIBIL report before doing insurance. CIBIL report is the instrument with which the banking companies approve or reject the loan application as it shows all the credit report of the person/company as well as gives point as per credibility. More on CIBIL report from here.
If the CIBIL report is satisfactory and have the score more than 750, insurance companies will offer around 40% discount on insurance premium. Whereas if the CIBIL report is not good, the discount will cut down to 5-10%.