Tuesday, March 26, 2013
MOTOR INSURANCE MORE COSTLY
Motor insurance premium is set to become
more expensive, with IRDA allowing up to 20 per cent increase in third
party rates from April 1 in view of rising inflation and the history of
claim settlement. "The overall percentage increase in the motor third
party portfolio works out to 18.9 per cent. The above rates will be
effective from April 1, 2013," IRDA said in a notification. Charges for
the third party insurance cover as per the notification will go up for
two-wheelers, passenger cars and commercial vehicles. For passenger
cars not exceeding engine capacity of 1,000 cc, the revised third party
premium is proposed to be hiked by 20 per cent to Rs 941 per annum. For
two-wheelers exceeding 350 cc, the premium would go up by 18.30 per cent
to Rs 804. For goods carrying vehicles, excluding three-wheelers, with
carriage capacity exceeding 40,000 kg, the premium would be Rs 15,035
per annum. There is no increase in case of three-wheelers used for
carrying passengers for hire or reward with carrying capacity not
exceeding 6 passengers. In case of four-wheelers used for carrying
passengers with carrying capacity exceeding 6 passengers for hire, the
increase is to the extent of 20 per cent from the existing level. The
earlier hike which was done in March 2012 was disputed by transporters’
association which had fought a legal battle with IRDA and general
insurers in the Calcutta High Court. However, after eight months of
litigation, the court had passed verdict in favour of the hike. Earlier
in 2012, while asking domestic general insurers to hike the
provisioning — capital to be set aside to pay the future claims as it
takes years to settle claims under this category — against the third
party motor portfolio, IRDA had assured general insurers that it will
allow them to hike the third party motor rates gradually. The Insurance
Regulatory and Development Authority (IRDA) had dismantled the third
party motor insurance pool from April 1, 2011 thereby linking premium
rate with the prevailing market rate.
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