Motor Third-party Insurance Premiums

Collect evidence at accident site, file FIR, avoid hasty settlements, and file MACT claim against driver and registered owner

The Supreme Court's proposed longer mandatory cover could raise upfront costs and insurer commission pressure, while doing little to address uninsured commercial vehicles

The hike, likely to take effect by October 2025 or April 2026, aims to ease pressure on insurers facing rising claims, especially from commercial vehicles and pandemic-era payouts

Human memory is very short. The demand for health insurance is still fine, we still have a double digit growth, Tapan Singhel said

New India Assurance CMD Girija Subramanian says motor third-party premium hike is urgent to ensure business viability as incurred claims hit 108.2 per cent in FY25

The ministry of road transport and highways released a draft notification for revising the motor third party premium rates for the financial year 2023

If the order is implemented, it will lead to an increase in the insurance outgo for car owners by a minimum Rs 50,000 for car and a minimum of Rs 7,000 for two-wheeler owners

In a significant order, the Madras High Court has ruled that "bumper-to-bumper" insurance should be mandatory whenever a new vehicle is sold, from September 1. This must be in addition to covering the driver, passengers and owner of the vehicle, for a period of five years. Thereafter, the owner of the vehicle must be cautious in safeguarding the interest of driver, passengers, third parties and himself/herself, so as to avoid unnecessary liability being foisted on the owner of the vehicle, as beyond five years, as on date there is no provision to extend the bumper to bumper policy, due to its non-availability, Justice S Vaidyanathan said in a recent order. The judge was allowing a writ petition from the New India Assurance Company Limited in Avalpoondurai, challenging the orders dated December 7, 2019 of the Motor Accidents Claims Tribunal, Special District Court in Erode. The Insurance company pointed out that the insurance policy in question was only an "Act Policy", which woul

The insurance regulator had proposed a hike in third-party premium for FY21 but it was put on hold to provide relief to policyholders during the pandemic

It will float over own damage and third party sections and can be attached to any section of motor insurance cover bought

General insurers told Business Standard the reduction in premium rates would motivate customers, especially private car and motorcycle owners