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Old 17th April 2017, 16:45   #31
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Default Re: 3rd party insurance gets more expensive from April 2017

Got a shock of my life when I heard the renewal premium on my 11-year old Swift. Vehicle with 1.24L IDV and the premium is 6500+! Biggest component of that is the 3rd party premium.

How come we put with such nonsense?
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Old 18th April 2017, 08:37   #32
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Smile Re: 3rd party insurance gets more expensive from April 2017

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Originally Posted by noopster View Post
Got a shock of my life when I heard the renewal premium on my 11-year old Swift. Vehicle with 1.24L IDV and the premium is 6500+! Biggest component of that is the 3rd party premium.

How come we put with such nonsense?
Anoop,

In such cases, it is better to opt for TPL only policy. I am surprised you have kept the Swift for such a long period.
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Old 18th April 2017, 08:56   #33
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Default Re: 3rd party insurance gets more expensive from April 2017

Just a heads up to Team-BHP community, third party premiums rates revised downwards.
Anyone renewing Insurance in mean time, can take note of revised rates in this link, go to download PDF.

Now question, how do we get back already paid higher premiums?
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Old 18th April 2017, 09:18   #34
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Smile Re: 3rd party insurance gets more expensive from April 2017

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Originally Posted by RaguHolla View Post
Just a heads up to Team-BHP community, third party premiums rates revised downwards.

Now question, how do we get back already paid higher premiums?
Thanks for the heads up.

The truckers stir may have put some sense in the policy makers to revise the Insurance premium. Re-working the premiums as below:

Private cars:
Not exceeding 1000 cc: 2055 No change.
Exceeding 1000cc but not exceeding 1500cc: Was - 3132, Now - 2863. Savings of 269. Still 28% change over last year rates.
Exceeding 1500 cc: Was - 8630, Now - 7890. Savings of 740. Still 28% change over last year rates.

2 Wheelers:
Not exceeding 75 cc: 569. No Change.
Exceeding 75 but not exceeding 150cc: 720 16% change since last year.
Exceeding 150 but not exceeding 350cc: Was - 970, Now - 887. Savings of 83. 28% change over last year rates.
Exceeding 350 cc: Was - 1114, Now - 1019. Savings of 95. Still 28% change over last year rates.

Attaching the pdf copy for everyone's reference.

Mods: Request you to change the thread title to suitable.
Attached Files
File Type: pdf Motor TP (17.04.2017) (1).pdf (2.68 MB, 169 views)
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Old 18th April 2017, 16:38   #35
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Default Re: 3rd party insurance gets more expensive from April 2017

The industry has claimed that the Comprehensive is cross subsidizing the TP premia. The latter are up, have the former dropped? I doubt it.
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Old 22nd April 2017, 14:32   #36
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Default The never reducing vehicle insurance premiums

People usually replace their cars every 5-7 years and hence this issue might not have come to everyone's notice.

Each of my 2-wheelers and 4-wheelers are more than 5 years old. Additionally, I was not using the Claims as many people choose to (still don't use it for 2-wheelers).

But what has come to my notice is that the insurance premiums never really reduce even in the event of NCB's touching their limits every year and IDv's going down.

It does not really matter if go for claims regularly or gather NCB's to their fullest capacity for discount on next year. THe premiums either increase or stay the same but never decrease more than a little in 4-5 years.


This is a bad concept as the companies are taking away our money and even the safe drivers never get rewarded. Can anybody throw light on this issue?
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Old 22nd April 2017, 16:17   #37
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Default Re: The never reducing vehicle insurance premiums

Insurers are increasing the third party premium which is compulsory. In my opinion, third party premium is farce, at least in India because of the procedures involved. I am yet to see a guy who was successful in third party premium claim.

But insurance companies are claiming increase in claims in third party and increasing the premium every year.

Recent hike third party premium by Insurance companies forced truckers to go on strike few weeks back, resulting in reduction in 3rd party premium for trucks. Unfortunately for private motor vehicles there is no reduction as there is no pressure group.

http://www.ibtimes.co.in/indias-regu...t-order-723491

http://www.thehindubusinessline.com/...cle9644739.ece

Last edited by benbsb29 : 23rd April 2017 at 08:03. Reason: Corrected typo based on reported post.
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Old 22nd April 2017, 19:15   #38
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Default Re: The never reducing vehicle insurance premiums

What a coincidence ! Just yesterday I noticed the same thing while renewing my cars insurance for the 6th year. My NCB is at max 50%, IDV has gone down as usual and I noticed that the premium has gone up not only this year but also last year as compared to the 4th year. It was 5300 in 2015, last year I paid 5600 and this year 5900. I was told the same thing about increase in 3rd party being the reason for premiums going up. Very strange, can anyone throw a bit more light on the topic ?
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Old 22nd April 2017, 19:38   #39
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Default Re: The never reducing vehicle insurance premiums

I have a friend who warned me about this a few months back. There are apparently a lot of fraudulent claims in the third party insurance. As a private vehicle owner, you can never claim third party successfully. But most commercial vehicles have only 3rd party. In a mutual understanding, they claim the insurance and split the proceeds. IRDA has been unable to crackdown on this. Thus they have approved increasing the premiums.
I believe something similar is going to happen in the health insurance sector too.
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Old 22nd April 2017, 19:56   #40
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Default Re: The never reducing vehicle insurance premiums

I have a 13 years old Kinetic Nova, never made any claims. Around the 7th year or so, the insurance renewal person kept the premium the same as the previous year. When I protested that why I am not getting NCB, he mentioned that my premium (comprehensive) has hit the rock bottom/ bare minimum amount that is required to be paid. Hence, even though I do not have any claims, I still have to pay that said amount.

Over these last 6 years or so the total premium amount has creeped up due to revision in tariff, service charges etc.
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Old 26th May 2017, 13:00   #41
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Default Re: 3rd party insurance gets more expensive from April 2017

Anyone got insurance renewed before third-party insurance re-baselined at lower level? If yes, any of you got back the higher premium paid voluntarily or otherwise by asking?

If anyone got excess premium refunded, sharing here might be useful to members of team-bhp.

Here is my story with TATA-AIG.

After 1 month of constant follow up with Tata-Aig, I finally got third-party premium difference back. I would have written no less than 20 emails. First they outright rejected stating "premium rates were as on date of renewal". However I escalated to their grievance department, which resulted in continuous stalling. Every time I ask/remind about return of premium, they would send standard quote email "refund process taking more time than required, we are sorry, we will get back to you at the earliest". This never happened.

Finally I wrote to IRDA on non-life insurance email id "complaints_at_irda_dot_gov_dot_in", with CC to their appellate. Things moved quickly. Appellate called me within hour after writing email (Wow! that was quick!), and requested for NEFT mandate via email. Next day they initiated refund (difference in premium + all tax on that).

If anyone in same boat and thinking may be its not possible to get back the amount, writing a mail or not a bad idea.

Last edited by RaguHolla : 26th May 2017 at 13:08.
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