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Senior - BHPian Join Date: Jul 2017 Location: Pune
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| ![]() The government has announced a 10-fold increase in the minimum compensation payable to road accident victims. ![]() According to a media report, the minimum compensation in case of death in a road accident has been increased from Rs. 50,000 to Rs. 5 lakh and for permanent disability will be in the range of Rs. 50,000 to Rs. 5 lakh depending on the extent of disability. Both amounts will increase by 5% annually. Earlier, the default compensation for a permanent disability was Rs. 25,000. The figure was selected based on the average compensation paid from the years 2011-12 to 2015-16. The claim amount ranged between Rs. 3.00 - 4.90 lakh. This move is expected to cut down on the total number of cases that go to litigation. If the victim believes they deserve higher compensation, they can pursue the case in the Motor Accident Claims Tribunal (MACT). In this case, the compensation will be paid based on a structured formula under Schedule-II of the Motor Vehicles Act 1988. It is rumoured that this will cause an increase in the third-party insurance premiums. Source: Times of India Link to Team-BHP News Last edited by TusharK : 15th May 2018 at 14:21. |
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BHPian Join Date: Mar 2017 Location: Doda
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| ![]() pardon my ignorance but who is going to pay the compensation amount, the insurer? |
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Senior - BHPian Join Date: Feb 2005 Location: Varkala
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Team-BHP Support ![]() | ![]() The article does mention that third party insurance premiums are likely to go up. However, it is unlikely that there is such direct correlation between minimum compensation and insurance premiums. |
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Team-BHP Support ![]() Join Date: Jan 2010 Location: Mumbai
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| ![]() Third Party insurance component for your car's insurance has been going up since last 3 years at least. Just check the policies for last 2-3 years and the breakup of the premium that you pay. |
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BHPian Join Date: Nov 2009 Location: Chandigarh
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| ![]() Third party insurance premium may go up significantly. It will hurt old car owners the most where the third party component is already more than the actual insurance amount for small to mid segment cars which are 6-7 years old or more. |
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BHPian Join Date: Jun 2017 Location: MH12/TN28/TN88
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| ![]() Third party insurance increases every year. If you check your insurance paper, the insurance company clearly states that "As per IRDA rules/notification TPI has been increased after April YYYY". Hence, the overall insurance price plus applicable GST, the total price never goes down as per our calculation even if the NCB is a good %. |
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BHPian Join Date: Nov 2009 Location: Chandigarh
Posts: 253
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Senior - BHPian | ![]() This was expected. Quote:
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BHPian | ![]() This article reminds me of the justification for the fact that the money being spent on Dash Cam being worth it down to the last penny. An entry level Dashcam with GPS features is a must and makes a huge impact in our peace of mind especially while travelling through unknown places. Last edited by COMMUTER : 19th June 2018 at 10:57. |
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