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Old 7th September 2006, 16:44   #46
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And control and command economy will take us back to horse carriage / bullock cart era... Let us not start debate about ecnomics.
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Old 7th September 2006, 19:21   #47
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In India, I think it will be difficult to implement. You will always find people who will emerge to give all kinds of certificates to bring down the premium. The current system is more enforceable. The new system will lead to more fraud. Thats my worry.
As it is companies work on think margins. Who is going to verify all the details given by people ?

How do you make sure the person wears specs or not ?
How do you make sure the person drinks or smokes or not ?
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Old 8th September 2006, 06:23   #48
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Quote:
2. Wears glasses
What's the problem if someone is wearing spectacles and if it is certified by an ophthalmologist ??

And after all, a person having spectacles usually tests his/her eye atleast once a year when compared to people having no spectacles !!!

Why this thread is not moved to Insurance section ?
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Old 8th September 2006, 08:15   #49
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Quote:
Originally Posted by mithun
[b]
Why this thread is not moved to Insurance section ?
Because its not a review or information about insurance company. Its a development in the Indian car scene which may cause your next car to cost 10% more
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Old 2nd January 2007, 11:11   #50
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Default Good point here

Quote:
Originally Posted by sbasak View Post
Not all systems in India are bad! Auto insurance premium is one of them.
In USA/UK, the insurance is a real pain!

Now imagine one thing. If those rules are implemented here, insurance premium will obviously go up (to some extent that depending on situation insurance premium can be more than the price of the car)

And after paying that, you'll still get the experience what Rtech suffered....
How about that?

Usually whenever we adopt something what is followed in Europe/America we usually get the bad effect of it rather than the good effect.
This is a very good point you brought out. Its not good to borrow all kinds of systems from Europe/ USA without having a good enforcement system like they have. Unless our enforcement system is beefed up, both in terms of quality and quantity, whatever system we create is not going to give good results.
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Old 2nd January 2007, 17:26   #51
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Default new cost

Does anybody has new insurance rates ?

Swift zxi comp. insurance from Maruti for 2006 was Rs.18472/-, Today I called them and they don't have the new rates yet.
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Old 3rd January 2007, 10:31   #52
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See this post: http://www.team-bhp.com/forum/indian...insurance.html

Also look up IRDA website for the detailed circular they have released. Welcome to IRDA
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Old 4th January 2007, 21:50   #53
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I just happened to read this on Business Standard and its very soothing to hear the insurance premiums coming down and also because of the move in the right direction to bring in driving history as a contributing factor for arriving at the premium. At least now will our people change their driving habits ?
http://www.business-standard.com/com...N&autono=19259
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Old 5th January 2007, 13:07   #54
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Hey, I do see a loop hole here...
If the Insurance premium is decided by the driver's history, what happens to cars which are chauffer driven?....
at the time of buying the car, it may be registered in owners name (who must have never driven a car... but have license.... so he has a good history....)
and the car is always driven by someone whom he has hired... (driver may change every year!)... This driver may have "not so good" history!...

What would insurance company do, in such cases?
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Old 5th January 2007, 14:26   #55
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Quote:
Originally Posted by anToNIcHeN View Post
Hey, I do see a loop hole here...
If the Insurance premium is decided by the driver's history, what happens to cars which are chauffer driven?....
at the time of buying the car, it may be registered in owners name (who must have never driven a car... but have license.... so he has a good history....)
and the car is always driven by someone whom he has hired... (driver may change every year!)... This driver may have "not so good" history!...

What would insurance company do, in such cases?
It is like in US - each driver has to have his own policy! e.g. I cannot go an drive my cousin's car in US. To put me on his policy, he has to take a specific named driver extension which is very costly, since there is no history. But, if I am living in US and have my own policy, it can cover me driving other cars, including rentals.

Otherwise I can only drive a rental car and pay extra premium based on deductible.

Driver based insurance is not too difficult actually to implement, is it? It can be linked to license no./address, etc. database. Pvt ins cos are already centralised and for PSU, IRDA can maintain the database with inputs from RTOs. (This is far better than stupid extra MF ID No. that AMFI has thought of). The owner must take insurance certificate (or driver can take his own TP certificate from insurance co.) at the time of employment. This is renewed separately with usual NCB/Malus. After 2 - 3 years, the good drivers with clean record will easily get insurance and also higher pay while bad drivers will have to pay high premiums and lower pay or no employment. Option is for him to go to defensive driving school and try again! Automatically, everybody will start looking in the rear-view mirrors before making abrupt lane changes, ensure brake lights work, avoid speeding, etc.

I always ensure my brake lights are working and use my signal indicators. Many a times this has saved my car from minor accidents.

Last edited by sandeep108 : 5th January 2007 at 14:28.
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Old 5th January 2007, 17:35   #56
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This is a very informative thread. Glad I clicked on it. I am renewing my insurance tomorrow.
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Old 21st January 2007, 06:04   #57
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In contrast to everyone's expectations it seems to be like that premiums are dropping. So is this the last nail on the coffin(speculations) ?

See..
The Hindu Business Line : Car insurance premiums poised for sizeable drop
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Old 21st January 2007, 10:51   #58
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I was speaking to a friend who works for IFFCO TOKYO, and he says that with deregulation, the company's now have the liberty to give 10-20% discounts on premiums and there is stiff comptition since the rates are not fixed. The third party premium has gone up from rs 700 to rs 2500 for private vehicles. However the impact has been on commercial operators who have 100 trucks or so , as for them the same has gone up from 3400 to almost 9500.. Private consumers like us would frankly save a couple of bucks at the end of the day..
Offcourse, how much discount or how comptitive a deal you get will depend on personal bargaining skill and to an extend on the vehicle in question..
dMH..
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Old 21st January 2007, 13:32   #59
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Quote:
Originally Posted by RacingForIndia View Post
This is a very informative thread. Glad I clicked on it. I am renewing my insurance tomorrow.

Did you complete the renewal?? What was the premium like in comparision to your earlier year's??

Please post details as that would be really useful for all of us. Thanks.
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Old 21st January 2007, 15:58   #60
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Default maruti insureance reduced rates

There has been 2.5k to 3k reduction in Maruti Insurance. Swift 's insurance now costs 3k less. This reduction is w.r.t jan 1 '07 pricing.
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