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A maximum increase of 20% in third party premium has been allowed for private cars, cabs and the goods carrying vehicles-public carriers while the increase of the same for two wheelers would be little over 18%.
However the insurance regulator has reduced the third party motor premium for goods carrying vehicles-private carriers by 1.3% as compared to the current rates. Today I got a call from them saying that there was some mistake in the calculation and they need Rs. If the rates have been revised from 1st April, 2013, do we have to pay the difference and get it endorsed on the policy ? Originally Posted by kd7202 The policy on my jeep is from 23rd December, 2012 to 22nd Dec, 2013. In the case of accidents money is generally handed over unofficially by the offending party, and in case one has to go through third-party insurance it will mean filing an FIR and following up lengthy court proceedings. Originally Posted by srameshdelhi Then I called up directly Bharti Axa and explained the issue. I renewed the policy online and got the soft copy of the policy cover letter immediately and the full policy will arrive in a weeks time. It would have been better if we had the new premium rates kicking in only on the next renewal after a claim is made , that would have been a fairer way to introduce the new rate slabs.
Originally Posted by mayankjha1806 I renewed the policy online and got the soft copy of the policy cover letter immediately and the full policy will arrive in a weeks time. Regarding other comments, I do not think it is logical and practical for Insurance Companies to approach the customers again after issual of Policy asking for more money.
I guess, that Bajaj Allianz trick was pulled by the agents to meet their financial year targets. Twist in the tale - As per my insurance agent, many of the policies were issued with the new TP rates and then there has been a change in the last two-three days of March because of which the policy quotations suddenly became lower. I renewed my Insurance by paying cash on the 18th of March by going to the TATA AIG office in cunning ham road. The third-party cover, which is compulsory, covers the risk for third parties in situations like damage caused to a person who was standing by the road and was injured or killed by an accident involving an insured vehicle, or damage caused to a wall after a vehicle crashed into it.
The Insurance Regulatory and Development Authority (IRDA) decides the premium that can be charged for different types of motor vehicles using elements like cubic capacity, types of activities being undertaken and tonnage as primary segregating tools. Last year, the insurance regulator increased third-party motor insurance rates and it was taken to court by an affected party. In the private car section, you will observe the upper-middle-class sedans subsidizing the sub 1000 cc and greater than 1500 cc cars. Overall, these are steps in the right direction, with increasing risk-based pricing being put in place and third-party premiums changing every year. With more accurate data collection and reporting, the pricing mechanism will only get better and we might even see a reduction in premiums in some categories.
In the case of goods carriers, which enjoy subsidized diesel and subsidized insurance premiums, it doesn’t get much better than this. We welcome comments that advance the story through relevant opinion, anecdotes, links and data. Reuters Analysis & Opinion California Supreme Court OKs class action fees based on settlement size By Alison Frankel M&A activist twist suits almost everyone By John Foley Should amici be heard in challenges to DOL’s fiduciary rule? Third party motor insurance is not usually the recommended choice of cover for many reasons.
Most insurance companies have a 15-year ceiling when it comes to offering comprehensive cover for a car. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. MoneyInsurance Difference Between Third Party And Comprehensive Car Insurance? Basically there are two types of car insurance policies; third party insurance and comprehensive insurance.
Third party and comprehensive insurance are the 2 main options available for car owners in Australia who want to insure their car.

Third party car insurance : Third party car insurance is the most basic insurance coverage available for your car. Comprehensive car insurance: A comprehensive car insurance covers almost all the damages caused to your vehicle that is not caused by collision.
The guying started pleading that it would be cut from his salary and I didn't believe that Carnation would do it. They said that they hadn't got the cover note yet to process the policy and they would not accept it if the amount is charged less than their actual calculation. Aren't they legally bound to hounour what is stated in the cover note and signed by them only and not by CARNATION? If a new rate has been announced on a particular date, 1st Apr in this case, then that rate is applicable to all the policies renewed in effect from that date. If your old policy expiry date falls any day on or after 1st Apr and you renewed it much before the due date (say in Mar) when the new rates were not known you will still receive a payment due notice from the insurance company and you will need to honor that due payment for your policy to be in force.
I kept getting marketing calls from agents using the TP rate hike as a USP to convince me renew the policies before March 31, 2013. What if the guy is not contactable, gone out of country, etc etc or the inefficient company missed to collect.
My policy was expiring on 22 April 2013 and Bajaj Allianz called me and update me about the increase in TP rates, and suggested i renew before March 31 to avoid it. His point was, never will it happen that the new insurance coverage date overlaps with the older one.
Such people who paid more on the TP part of the premium are actually eligible for a partial refund.
They issued me a cover note and promised me that I will get the insurance within 7 working days. There is even an insurance ombudsman in each city who can be tapped if you do not get adequate response from the insurer in a reasonable timeframe. The court upheld IRDA’s order but also ordered the regulator to declare data which is up for revision and invite objections before deciding on new premiums. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Fundamentally, third party cover does not take care of a large range of actual risks that you face while on the road. It may be possible that just when you need to pay for your premiums, you realise you are out of cash to buy the much coveted comprehensive cover. If you will not use your car for an extended period, and you can securely store it, then there is no point in paying for comprehensive cover for it.
If your car insurer accepts your claim for damage to your car, this does not necessarily mean that Allianz will accept your claim for personal injuries. It is not only mandatory, but also a complete necessity that provides safety and security from any damage that is caused to you and third party, in case of any accident. Both these types of car insurance vary in the type of cover they offer and the cost of premium payments. For example, comprehensive policy covers damages to the car as a result of unforeseen events like theft, fire, vandalism, riots, natural calamities, and so on. This automatically means that if your policy came in force before that date then the old rates will apply. Remember, an early renewal is not equal to the change in date on which your new policy comes in force. For whatever reason he failed to depposit that with his organizations finance team against the policy cover note issued. The need to increase premiums gradually or insufficient data could be the reason for some of these adjustments.
Prior to this, Yohannan has held senior management positions in leading financial services organisations such as GE Capital, CitiFinancial and Moneyline India. A third party cover can hold fort for you until when you can afford to pay for a comprehensive cover.

In some cases, you can negotiate your way into a comprehensive cover with your insurer especially of you have a good claims record.
Your car may not need to go on the road any time in the near future if you have new posting out of town that comes with a car, or if you have several cars, and are out of the country often. If you have difficulty having either claim accepted, a lawyer can advise you as to your rights. However, you should be very careful while selecting the type of car insurance for your needs, as different categories cover different needs. So, when looking for an insurance policy for your car, you should be clear about the advantages of each type of insurance policy and your own requirements. The third page of the notification reads as follows; I guess it implies that only fresh renewals will be done as per the revised rates.
It will still be issued to you as being enforceable from the next date to your old policy's expiry date.
My Activa's policy expires on 7th April, but I renewed it in the second week of March with old TP rates and they have issued me the policy with the old premium rates. I doubt that IRDA will come out with such a rule which is not practically implementable and create confusion.
And if the new policy goes into the system as from a date beyond Apr 1st, it will automatically get flagged for a due amount and a notice will be sent out to the policyholder once the new rates are updated in the system, irrespective of when it entered the system.
Unless that happens the Finance will not show that as a valid transaction for the issuance of the policy. However, the third partly policy can actually be a smart car insurance choice in certain circumstances.
Talk to your insurance provider in advance, about whether you can upgrade your cover later. In addition, if you have a vintage car that is well kept, one that you can present at the Concours D’Elegance, you can negotiate for comprehensive cover. He initially issued me a quote in the afternoon and then reverted back in 2 hours with a new quote that was substantially lesser than the previous one. I dont think they would ask for the difference, not that the difference is my case would be very big amount but still. The dumb thing to do is to remain without any form of insurance because for the time being, you are unable to afford a comprehensive cover.
If for any reason you cannot access the comprehensive cover based on the age of your car, then think about a third party cover.
A car is a machine that can cause accidents even within the confines of an institution with a 15 KPH speed limit.
It would be a smart thing to buy third party cover for the car for the period you will not be actively using it. He wanted to know why I was in such a hurry to renew as my car's policy is in force till April 22. So most quotations for April onward policies were being anyhow given with the new TP rates in consideration. His explanation was that apparently the TP premium has been lowered from what was initially announced and there was a mail to that effect in his email box from his boss. However, if there is zero risk of the car being stolen, vandalised or being involved in a major accident, there is no point in buying comprehensive cover.
Only that he missed seeing it before he sent me the quote as he just returned back to office after 2 days of leave.
As a matter of fact one Bajaj Allianz agent had sown this seed in my mind since he sent me an unsolicited quote and wrote at the bottom, in bold, red color that this quote is only valid till March 31 as the rates are going up after that. Under these circumstances, it may actually be a smart thing to buy third party insurance for this car, or truck.

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14.04.2014 admin

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