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Old 24th August 2015, 08:30   #1
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Smile IRDA Proposal: Increase assessment limit to Rs. 30,000 for cars

It is a known fact that in case of any claims lodged with the Insurance co, the surveyor plays an important role in assessing the damage and become the intermediary between the customer and the Insurance co. Based on his assessment, Insurance co approves the claims subject to customer's contribution if relevant. Generally the Insurance co appoints a independent Surveyor so that the claim assessment is always neutral. But the pain was even for a small amount claim, customers had to be dependant on the Surveyor. Many a times the survey does not happen on time and depends on the Surveyor availability. There were also doubts about the surveyor-workshop nexus so that the cost of repair can be hiked to one's greed.

IRDA is proposing to hike the Third party Insurance Assessment limit to Rs 50000/0 in case of motor claims. This means that any claim till the amount of Rs 50K will not require the services of the Surveyor and can be directly approved by the Insurance co. This will save a lot of hassles faced by customer as stated above. The catch here is that for personal vehicles, claims upto Rs 30K will not require surveyor assessment whereas for commercial vehicles it will be Rs 50K. The exact process and the changes in the existing process will be a wait n watch thing.

More details in the link.
http://articles.economictimes.indiat...ance-companies

What do BHPians think of this? Is this a good approach or there are/will be some hidden conditions to Insurer's advantage?
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Old 25th August 2015, 12:38   #2
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Default Re: IRDA Proposal: Increase assessment limit to Rs. 30,000 for cars

One has to see how the Insurance companies will react to this. What is evident is that the Service centres will make a killing. The customer will also be happy.
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Old 26th August 2015, 17:02   #3
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Default Re: IRDA Proposal: Increase assessment limit to Rs. 30,000 for cars

Hi ghodlur,

What are the current assessment limits for private / commercial vehicles?

Would be interesting to also see the data of all the claim amounts in the last year/s graphed out. That may have given us some insight into this move...
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Old 26th August 2015, 18:43   #4
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Default Re: IRDA Proposal: Increase assessment limit to Rs. 30,000 for cars

Fair idea.

Going forward, if this is actually implemented, in whatever avatar , we will see a increase in the insurance premiums definitely, to compensate for the losses/ decrease in profits made by the respective insurance cos.

nothing comes for free :-)
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Old 26th August 2015, 18:52   #5
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Default Re: IRDA Proposal: Increase assessment limit to Rs. 30,000 for cars

If i am not mistaken currently any claim has to go through survey process. Now will the new provision give dealers a free hand and jack up even small claims.

Sample scenario: a small bumper replacement can be turned into bumper plus radiator replacement. Will surely be under limit, but the radiator would be an unnecessary spent.

Hope there are checks and balances in place to control this.
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