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Frequent traffic violations will result in higher motor insurance premiums, regulators have drafted new rules

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Frequent traffic violations will result in higher motor insurance premiums, regulators have drafted new rules

અમારી તમામ અપડેટ્સ મેળવવા માટે વોટ્સઅપ ગ્રુપ જોઈન કરો.જોઈન થાઓ
A 6-member working committee recommended imposing a premium for violating traffic rules
Points will be awarded on the basis of currency, from which the premium will be calculated
If you frequently violate traffic rules, the burden on your pocket will increase. Violators of traffic rules may have to pay higher motor insurance premiums in the near future. A working committee constituted by the Insurance Regulatory and Development Authority (IRDAI) has recommended imposition of a premium for violation of traffic rules. If these recommendations are accepted, people who violate traffic rules in the future will have to pay higher premiums for vehicle insurance.

There are currently four types of premiums in motor insurance. The
working committee has recommended that motor insurance should also include the premium for violating traffic rules. The working committee has recommended adding a fifth section to motor insurance for it. At present motor insurance premiums include on damage insurance, third party insurance, additional third party insurance and compulsory personal accident premium.

Insurance companies will be informed of the traffic rules by the NIC.
According to the recommendations of the working committee, the premium for violation of traffic rules will be determined on the basis of various violations ranging from drunk driving to parking in the wrong place. Insurers will receive currency information from the National Informatics Center (NIC) about traffic violations.

100 point penalty for
driving under the influence of alcohol According to the recommendations, 100 point penalty will be imposed for driving under the influence of alcohol, while 10 point penalty will be imposed for parking in the wrong place. The amount of premium for violation of traffic rules will be linked to this penalty point. If you sell a vehicle the premium for violating traffic rules for the buyer will start from zero.

IRDAI seeks suggestions from concerned parties
Insurance Regulatory IRDAI has issued a draft following the recommendations of the Working Committee. IRDAI has sought suggestions from all concerned parties on this draft by February 1, 2021. The draft calls for the creation of a system to calculate the frequency and severity of traffic violations. It asks to link traffic rule violations with traffic rule violation premiums.

A total of 9 members are involved in the
working committee. According to the draft issued by IRDAI, there are a total of 9 members in the working committee. It includes officials from Delhi Traffic Police, Insurance Company, IRDAI and Insurance Information Bureau (IIB). Anurag Rastogi, Chief Actual and Chief Underwriting Officer, HDFC Argo General Insurance Company Limited, was the Chairman of the Working Committee.

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