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

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. Read more

Relevance of Investigation and Importance of written statement in MOTOR THIRD PARTY CLAIM CASES

Motor insurance is the biggest and fastest growing portfolio in the Indian general insurance market. There has been an alarming increase in road accidents during recent years. Read more

Motor Vehicles : The Road Killers

In the past few years, the number of registered vehicles, road accidents vis-à-vis the casualties and injuries to people have created a history. It is not death alone that is alarming. The number of people injured had almost doubled involving serious injuries of skull and limbs leaving them physically and mentally handicapped for life. Read more

CONTEMPLATING MOTOR INSURANCE FREEPLAY

An arm of the Insurance Regulatory and Development authority, the Tariff Advisory Committee is all set to dismantle the Motor Tariff regime from April 2005. The Tariff, which at present governs the rates that insurers charge for motor insurance premium, will be substituted by the file and use procedure. Read more

Treatment of painting charges including materials and other miscellaneous expenses spent by insured in making the new spare parts to fit in the place of damaged parts in Motor O.D. Claims

Under partial losses of Insured vehicle, the question of treatment of cost of colour and painting charges and other miscellaneous expenses spent by insured on the new spare part to render it to fix in the place of damaged part arises, creating confusion, whether to treat such charges as an additional cost of spare part that requires replacement and thereupon to be clubbed along with cost of bare spare part TO ARRIVE THE VALUE OF PART  to be replaced or to treat such additional expenses spent on the bare part by insured as LABOUR CHARGES during renewal of the spare part, since the repairers of Insured Vehicle have been furnishing loss estimate showing the bare part (without colour) under list of parts to be replaced and colour cost and painting charges under labour charges ON ACCOUNT OF NON-AVAILABILITY of colour spares readily in the market. Read more