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Old 30th March 2012, 11:32   #1
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Default IRDA revises Compulsory Deductible Amount

Just received an IRDA circular revising the Compulsory Deductible Amount

Current Scenario :

Private Car : Rs 500
Two Wheeler : Rs 50

Changed Scenario ( Not sure on the effective date , possible with Immediate Effect)

Private Car upto 1500 CC : Rs 1000
Private Car greater than 1500 CC : Rs 2000
Two Wheeler : Rs 100
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Old 30th March 2012, 11:58   #2
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Default Re: IRDA revises Compulsory Deductible Amount

They are out to fix the honest motorist who had Comprehensive Insurance and pays his insurance. They are dead scared of the truckers who make far more claims than they pay. We are essentially cross subsidising them.
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Old 30th March 2012, 12:14   #3
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Default Re: IRDA revises Compulsory Deductible Amount

Quote:
Originally Posted by sgiitk View Post
They are out to fix the honest motorist who had Comprehensive Insurance and pays his insurance. They are dead scared of the truckers who make far more claims than they pay. We are essentially cross subsidising them.
Even I was suprised that deductibles for Commercial Vehicles was not increased.

This move will discourage low value claims, which is good for insurance company since their cost of settling low value claim will down.
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Old 4th April 2012, 12:40   #4
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Default Re: IRDA revises Compulsory Deductible Amount

Is it applicable for all insurance claims or only the ones that are taken/renewed now? I am planning to make a claim and the calculation done by the service personnel included compulsory deductible as Rs. 500/-.

Wondering if he is not aware of the change or maybe its applicable only to the new insurance. Can we get a confirmation on this?

Regards
Dhrupadh
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Old 4th April 2012, 14:06   #5
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Default Re: IRDA revises Compulsory Deductible Amount

Quote:
Originally Posted by Marlon View Post
Even I was suprised that deductibles for Commercial Vehicles was not increased.

This move will discourage low value claims, which is good for insurance company since their cost of settling low value claim will down.
I have a Rs.5000 deductible on my Civic. Gets me Rs.1500 off on the final permium. Not worth claiming even for Rs.25,000 since the NCB is 50%.
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Old 4th April 2012, 16:19   #6
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Default Re: IRDA revises Compulsory Deductible Amount

Quote:
Originally Posted by dhrupadh View Post
Is it applicable for all insurance claims or only the ones that are taken/renewed now? I am planning to make a claim and the calculation done by the service personnel included compulsory deductible as Rs. 500/-.

Wondering if he is not aware of the change or maybe its applicable only to the new insurance. Can we get a confirmation on this?

Regards
Dhrupadh
The IRDA circular unfortunately does not specify the effective date. May be it is left to individual insurance companies.
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Old 4th April 2012, 16:28   #7
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Default Re: IRDA revises Compulsory Deductible Amount

Damn! Now I know the reason. Yes it became effective from 1st April on all new policies and renewals. This is apart from the increase in 3rd party liability. I just renewed on 1st April one insurance and another's up for renewal on 12th.
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