Your car insurance policy is twofold: first and third-party damage. own damages, as its name implies, is when the vehicle is insured for damage suffered in an accident or vehicle insurance in case of loss, etc. Part III: C is the crucial part of the insurance you are covered for damages that you or your car might cause to others. For example, if a car accident when another vehicle is damaged and there is a loss of life, you need protection to pay damages to another vehicle and also to offset the tax loss of another life. Do not have car insurance third party liability can be financially crippling. \
Motor vehicle third party is required by law. No person shall drive his car without third party insurance. Motor vehicle third party is also usually very cheap. For example, for a private car in most cases it is less than 1000 rupees per year. IRDA, the regulator of insurance, which still controls the party motor vehicle price when it can not regulate the pricing of insurance risks. This is called tariff. The general insurance sector was detariffed in 2007, with the exception of automobile liability.
India is perhaps the only country in the world with unlimited liability covered by liability insurance for an unlimited period. Therefore, an external party, in theory, may make a compensation of 100 cr, even 20 years after an accident that happened! Third of the number of complaints in recent years have increased due to increased earning potential of individuals in general, and the advantage of being projected over a longer life.
General Insurance in India are bleeding, because the insurance premiums are very low in control. The third motor pool was created to pay all the requirements of third parties, and that had a huge deficit. Insurance companies were asked which other 3,500 crore to carry out this responsibility. And beat the provision of even later. This pool has had an impact that many insurance companies are required to pump more capital in order to maintain the solvency margin referred to IRDA. third party motor has proven to be the curse of the general insurance sector in India.
However, IRDA has announced new prices for insurance liability car came as a relief to all general insurance companies. From April 1925, third the auto insurance rates will rise between 10% and 65% in the class of vehicle.
Here are the basic functions of this price increase effected by IRDA:
1. The rate of increase for each class of vehicles has decided after considering the costs of claims in this category of vehicles, the accident rate and the rate of cost inflation identified by CBDT 2. Earlier, the rates were reviewed every 4 years, but now the rate is reviewed annually. This initiative is welcome 3. IRDA has seriously warned insurers that they should not hesitate to write third area of liability auto insurance and must make them available to their offices
Major growth has been rightly commercial vehicle segment had a loss leader. Although the insurance industry has taken almost 80-90% more, they are allowed 65% increase, which is also very significant
Motor vehicle third party is required by law. No person shall drive his car without third party insurance. Motor vehicle third party is also usually very cheap. For example, for a private car in most cases it is less than 1000 rupees per year. IRDA, the regulator of insurance, which still controls the party motor vehicle price when it can not regulate the pricing of insurance risks. This is called tariff. The general insurance sector was detariffed in 2007, with the exception of automobile liability.
India is perhaps the only country in the world with unlimited liability covered by liability insurance for an unlimited period. Therefore, an external party, in theory, may make a compensation of 100 cr, even 20 years after an accident that happened! Third of the number of complaints in recent years have increased due to increased earning potential of individuals in general, and the advantage of being projected over a longer life.
General Insurance in India are bleeding, because the insurance premiums are very low in control. The third motor pool was created to pay all the requirements of third parties, and that had a huge deficit. Insurance companies were asked which other 3,500 crore to carry out this responsibility. And beat the provision of even later. This pool has had an impact that many insurance companies are required to pump more capital in order to maintain the solvency margin referred to IRDA. third party motor has proven to be the curse of the general insurance sector in India.
However, IRDA has announced new prices for insurance liability car came as a relief to all general insurance companies. From April 1925, third the auto insurance rates will rise between 10% and 65% in the class of vehicle.
Here are the basic functions of this price increase effected by IRDA:
1. The rate of increase for each class of vehicles has decided after considering the costs of claims in this category of vehicles, the accident rate and the rate of cost inflation identified by CBDT 2. Earlier, the rates were reviewed every 4 years, but now the rate is reviewed annually. This initiative is welcome 3. IRDA has seriously warned insurers that they should not hesitate to write third area of liability auto insurance and must make them available to their offices
Major growth has been rightly commercial vehicle segment had a loss leader. Although the insurance industry has taken almost 80-90% more, they are allowed 65% increase, which is also very significant
