Go Back   Team-BHP > BHP India > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 2nd April 2016, 01:17   #16
BHPian
 
Join Date: Jan 2012
Location: Bangalore,Coorg
Posts: 785
Thanked: 352 Times
Default Re: Brace for increase in 3rd-Party Insurance premiums. EDIT: Again in April 2016!

I got a new policy today. Asked them to do it yesterday and they quoted me 11.2K and because the inspection was done today it cost me 12.7K for a 1.6 Ford Fiesta. Increase of 1.5K. Not as much as I expected but still hurts the pocket
pganapathy is offline   Reply With Quote
Old 5th April 2016, 13:01   #17
Team-BHP Support
 
Join Date: Feb 2004
Location: Mumbai
Posts: 6,674
Thanked: 19,390 Times
Default Re: April 1, 2016: Third-party motor insurance premiums increased

April 1, 2016: Third-party motor insurance premiums increased. Posts moved to a new thread.
Aditya is offline   Reply With Quote
Old 9th August 2016, 08:56   #18
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,867
Thanked: 1,847 Times
Red face Re: April 1, 2016: Third-party motor insurance premiums increased

Some more bad news on the insurance premium front. The 3rd party premium is set to be raised again after the Motor Vehicle Amendment Act will be passed and in effect. This increase is to facilitate higher compensation to the victims who are a result of any accident.

http://timesofindia.indiatimes.com/b...w/53591061.cms

Quote:
The primary reason for this is the substantial increase in compensation proposed in the amendments for accident victims. From the present Rs 25,000 compensation, it will be increased to Rs 2 lakh in case of death in hit and run cases.
For grievous injuries, the compensation proposed is Rs 50,000 against the present Rs 12,500. Similarly, there is a provision for payment of compensation up to Rs 10 lakh in road fatalities where the offending vehicle and the owner are identified. In case of grievous injuries, the compensation would be up to Rs 5 lakh.
Though this proposal is still in the initial stages and is up for discussion, there is a feel that this is going to be the norm in the comings days. Although this sounds a good things for the accident victims but is definitely going to put a burden on the annual premiums. The need of the hour is to revamp the motor tribunal by providing fast acting systems and process rather than increasing the premium as per the experts. As on today most of the accident related matters are settled off the court for precisely the slow court proceeding process.
ghodlur is offline   (2) Thanks Reply With Quote
Old 9th August 2016, 09:35   #19
Distinguished - BHPian
 
saket77's Avatar
 
Join Date: Dec 2012
Location: Ranchi
Posts: 3,014
Thanked: 3,432 Times
Default Re: April 1, 2016: Third-party motor insurance premiums increased

^Bad news for motorists. And a higher GST rate will further raise the total bill. This third party premium hike has become a norm since last few years. And even with the value of my cars falling, I am paying more and more each year to cover that depreciating asset. I hope someone among the higher ups sees how that pinches the motorist population. It will also be interesting to see how much the insurance companies disburse to third party victims as compensation so as to warrant such hefty hikes every year in the TP premium.

Regards.

Last edited by saket77 : 9th August 2016 at 09:37.
saket77 is offline   (3) Thanks Reply With Quote
Old 9th August 2016, 10:18   #20
BHPian
 
lapis_lazuli's Avatar
 
Join Date: Feb 2012
Location: Zilla Ghaziabad
Posts: 424
Thanked: 417 Times
Default Re: April 1, 2016: Third-party motor insurance premiums increased

Quote:
Originally Posted by saket77 View Post
It will also be interesting to see how much the insurance companies disburse to third party victims as compensation so as to warrant such hefty hikes every year in the TP premium.

Regards.
Exactly.

Most Third Party only barebones insurance is sold by the state owned companies. These companies don't have pushy, aggressive sales agents or fleet. Yet, they have to meet rising costs especially after the pay commissions . How else is this possible? Systematically raise premiums.

Claims and disbursements through this barebones policies, are definitely not in large numbers due to the time taking and intentionally cumbersome victim unfriendly processes.
lapis_lazuli is offline   Reply With Quote
Old 9th September 2016, 11:54   #21
Senior - BHPian
 
S_U_N's Avatar
 
Join Date: Mar 2010
Location: Pune
Posts: 1,773
Thanked: 372 Times
Default Re: April 1, 2016: Third-party motor insurance premiums increased

I got a shock with Bajaj Allianz told me the new premium for our 20 year old Zen is Rs. 5055. Last year, I had paid Rs. 4200.

This is a steep increase, even when NCB has gone up from 20 to 25%.

I think I need to go with third party insurance on this one.
S_U_N is offline   Reply With Quote
Old 5th March 2017, 07:51   #22
Senior - BHPian
 
speedmiester's Avatar
 
Join Date: Jul 2006
Location: bangalore
Posts: 1,263
Thanked: 727 Times
Default Re: April 1, 2016: Third-party motor insurance premiums increased

Another hike in 3rd Party Insurance in the offing.

IRDA has proposed a 50% hike in 3rd party insurance premiums across the categories.
This is a third such hike in as many years. This will surely pinch the pockets more.
Unlike comprehensive insurance, 3rd party premium is fixed and leaves with no scope negotiation or discounts.

3rd-party-car-insurance-to-cost-more



Premiums for cars above 1500CC will touch almost 10K an year.

Last edited by speedmiester : 5th March 2017 at 07:53.
speedmiester is online now   (3) Thanks Reply With Quote
Old 5th March 2017, 16:29   #23
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,867
Thanked: 1,847 Times
Angry Re: April 1, 2016: Third-party motor insurance premiums increased

Quote:
Originally Posted by speedmiester View Post
Another hike in 3rd Party Insurance in the offing.

IRDA has proposed a 50% hike in 3rd party insurance premiums across the categories.
This has become now a regular feature. Hike the TPL premium rates which is in the hands of the government. What is the logic of leaving the hike for the engine < 1000cc. I thinks that's where the bulk of the selling is. Now there will be an hue and cry in the public and by the end of the month, the actal hike will be trimmed to the 20-30% levels.

Instead of bringing reforms to quickly address the TPL claims, the government is busy in hiking the premium rates.
ghodlur is offline   (3) Thanks Reply With Quote
Old 5th March 2017, 17:16   #24
BHPian
 
Join Date: Aug 2010
Location: Bangalore
Posts: 74
Thanked: 47 Times
Default Re: April 1, 2016: Third-party motor insurance premiums increased

The above figures are only third party premium. Add to that own damage, driver something, cess, tax and I am seeing a figure of 12K for my 16 year old Ikon.

Very soon premium will be more than the residual value of the car.
fordday is offline   Reply With Quote
Old 6th March 2017, 10:23   #25
Distinguished - BHPian
 
sgiitk's Avatar
 
Join Date: Dec 2007
Location: Kanpur
Posts: 6,841
Thanked: 3,354 Times
Default Re: April 1, 2016: Third-party motor insurance premiums increased

What I hear is that third party claims are very much in excess of the receipts, so Comprehensive is used to cross subsidize. Now let us see the comprehensive premia decrease. Then there will be some sense.
sgiitk is offline   (1) Thanks Reply With Quote
Old 6th March 2017, 13:08   #26
Senior - BHPian
 
greenhorn's Avatar
 
Join Date: Apr 2007
Location: TN-14
Posts: 6,606
Thanked: 916 Times
Default Re: April 1, 2016: Third-party motor insurance premiums increased

Quote:
Originally Posted by fordday View Post
Very soon premium will be more than the residual value of the car.
As the product costs decrease and cost of labour at service centres increases along with inflation of associated costs, this is inevitable. A friend bought a 2005 Alto in the UK. the car cost him 700 GBP, and the insurance was 2200

Last edited by greenhorn : 6th March 2017 at 13:09.
greenhorn is offline   (1) Thanks Reply With Quote
Old 26th March 2017, 23:04   #27
Senior - BHPian
 
sumeethaldankar's Avatar
 
Join Date: May 2007
Location: Mumbai
Posts: 2,434
Thanked: 785 Times
Default Re: April 1, 2016: Third-party motor insurance premiums increased

3rd party insurance to increase again.

http://timesofindia.indiatimes.com/b...w/57841138.cms via @timesofindia

Last edited by sumeethaldankar : 26th March 2017 at 23:28.
sumeethaldankar is online now   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Brace for increase in 3rd-Party Insurance premiums. EDIT: Again in April 2016! ghodlur Indian Car Loans & Insurance 33 6th March 2017 19:15
Third party insurance claims ash_blore Indian Car Loans & Insurance 16 12th December 2016 18:53
Insurance premiums vs claims - Would 'Self Insurance' be cheaper for you? GTO Indian Car Loans & Insurance 46 28th February 2016 15:38
Third Party Insurance Premium to go up W.e.f 1st April 2013 Warwithwheels Indian Car Loans & Insurance 17 28th April 2013 09:43
Third Party Insurance rates to soar! ghodlur Indian Car Loans & Insurance 16 19th February 2013 10:26


All times are GMT +5.5. The time now is 01:02.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks