Page 4 - Motor Insurance

In a blow to car owners, motor insurance to become expensive from Sept 1

Insurers are still seeking clarity if new rules on third-party insurance will apply to existing vehicle owners

Readers' Corner: Will your motor insurance be valid anywhere in India?

If yes, will there be a change in the premium and coverage benefits?

Buy comprehensive motor insurance cover to guard against natural calamities

If a tree falls on your car or it's damaged in flood, the insurer will compensate only if you have a comprehensive cover with suitable add-ons

Get a third-party cover at the very least if your vehicle is uninsured

A report by the General Insurance Council of India says that approximately 60 per cent of automobiles in India are uninsured

Motor Vehicles Act: Steep fines make insurance important

Expect premiums to go up or introduction of a co-pay option for third-party damage

Motor insurance to have more touch-points

IRDAI may relax of norms to enable distribution of simple policies such as Third Party through agencies such as Pollution Check Centres

Insurance proposed for drivers' treatment cost

At present, third-party motor insurance is mandatory

Motor insurance combined ratios might rise in FY17

In FY17, MTP premiums went up by increase of 10-40% from April 1 in private cars and two-wheeler segment

New motor premia in FY17

Rise in third-party premium and service tax will lead to an increase of 25-40% in total premium

Tips to reduce your car premium

Use accumulated no-claim bonus and increase voluntary deductible to get a better deal

No refusal for motor insurance

Regulator has barred insurers from refusing to cover this risk

Premium hike unlikely to help motor insurers cut losses

Irdai had recently proposed third-party insurance premia increase in the range of 9 to 30 per cent across categories

Motor claims still on higher side

Overall, the net incurred claims of non-life insurers stood at Rs 55,232 crore in 2014-15 against Rs 49,179 crore in 2013-14