Motor Insurance article
TITANIC, TP INSURANCE AND TARIFF
Watch out: 6 factors that impact car insurance premiums
Car insurance premiums can be a burden on the pocket. Nevertheless, to shirk auto insurance is not an option. What you can do instead is to study the important factors that affect car insurance premiums the most. Read more
Awareness is key to reduce your car insurance premium
You can ask for higher discount even based on your car model. It’s not just the price that you should consider while buying a car, but factor in what is known as ‘cost of ownership’, which includes fuel prices and possible hikes, average minimum distant that one has to cover per day and insurance. An insurance policy is all about being adequately covered for eventualities. Read more
Motor Third Party -Need To View Differently
Preface
Since revision in MV Act in the year 1988, incorporating of certain amendments with regard to limit of liability, time limit for filing claim petition, selected defense made available to insurers, widening of jurisdiction clause etc. are all together leading to high Incurred claim ratio in this segment and thus putting pressure on insurer’s financial performance in this global environment, particularly when self sustainability of each segment becomes of paramount importance and also a talk of the day. Read more
Motor Insurance Business – A bleeding portfolio worsening after liberalization
The origin of Motor Insurance began in 1895 in England. It is surprising to note, when he motor vehicles started its operation, General Insurance Corporation was the first company to transact motor insurance business after the World War I, there was a considerable increase of motor vehicles in all the countries, resulting in increase in number of Road accidents. Read more
How Motor third party insurance was made compulsory in India?
A Certificate of Insurance must be carried in the vehicle as a proof of such insurance. For all vehicles registered with Regional Transport Authorities, third party insurance is compulsory as per Motor Vehicle Act. Third party liability is unlimited however, there is a statutory limit for Third party property damage of Rs. 6000/-.Legally, no motor vehicle is allowed to be driven on the road in India without valid insurance.
Read moreMotor Insurance : Life in Moon
Scientists say, “There is no life on Moon.” But our S. Kumar (a retired Insurance Executive but popularly called as Senior DM, even today) dismisses it as, “Rubbish, they don’t know.” He says “People live in Moon just like us.”
Read moreCurb your motor insurance costs
With the IRDA raising third party motor insurance premiums, motor insurance costs have risen. In times of high inflation, this is an added burden on vehicle owners. However, there are various steps you can take which would help cut down on your premium outlay. Here are a few: Read more
Water damage
Recently there was an article in Times of India about damage to a car by flood water. One of the private insurer have stated of negligence of a car driver, who drove the car in a water where by engine got damage. Accordingly this insurer have consider this as a negligence and hence in their opinion claim can not be consider.
Read more