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.

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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.

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Curb 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:

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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.

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Tips for saving money on car insurance policy

If you are a car owner, you know that one of the most important documents you are required to  possess apart from your driver’s license is a valid car insurance policy. Whe-ther you’re looking to insure a new car or renew your existing policy, you must know what car insurance comprises and the factors that affect it, to help you understand how you can save money on the premium.

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