Insurance Costs - Need Dept/Localcircle to action
Premium for third party motor vehicle insurance is set to go up significantly as the Insurance Regulatory and Development Authority (IRDA) has proposed up to 50% hike in the premium rates for third party insurance covers for the financial year 2017-18. See attached table from IRDA. Request Consumer Dept and Local Circles to take this up on priority.
IRDA has been notifying the premium rates applicable to motor third party liability insurance covers every year starting from 15.04.2011, and insurers have to fix their rates accordingly. Since then third party premium rates have been going up in the range of 15-20 per cent from time to time, but it is for the first time that such a hefty hike in premium rates has been proposed by IRDA. more
IRDA has been notifying the premium rates applicable to motor third party liability insurance covers every year starting from 15.04.2011, and insurers have to fix their rates accordingly. Since then third party premium rates have been going up in the range of 15-20 per cent from time to time, but it is for the first time that such a hefty hike in premium rates has been proposed by IRDA. more
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Contrariety, some of the Insurance Companies are advertising with 60% Discount in premium for Car and motor bike. Pl. Visit the site given below : https://www.reliancegeneral.co.in/Insurance/Motor-Insurance/Car-Insurance.aspx?utm_source=external&utm_medium=email&utm_campaign=CI_Affiliatevia Whereas at the time of settlements they will deny under fictitious reasons. In a given case the Insurance along with salvage was disbursed to "Third person" without any claim, intimation, information, submission signature of the real owner to the tune of Rs. 6,00,666.00 And NOW the Company make litigation's under the pretext that they had paid based on KYC of the applicant. All are bogus. Pl. be careful while insuring any thing with Private Insurance Organisations. There are several cases like above. more
Mar 15
Insurers in India are bleeding due to Third Party Claims. Motor own damage Claims are not high. But there is no limit on the Claim that a person can get in case of an accident. It is correct also as the MACT orders full compensation to the loss of earning of the victim. Thats why we see MACT awarding 50 lakh etc to victim's family. This Third Party premium is revised based on the claims experience of previous year. With average earning going up, Claim amount and therefore premium has to go up. However, if a cap of say 5 lakh is imposed on claims, the premium may not need upward revision or may even come down. Unlimited claims is hurting the insurance industry. Insurers are demanding a cap on TP Claims also. more
Mar 09
What is the benefit to common people?Will the third party get higher relief in case of accident/death?And how much. more
Mar 08
These hikes appear unreasonable and the insurance ombudsman needs to be approached for nullifying this demand. more
Mar 07
