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Friday, January 28, 2022

Auto insurance will now be up to 20% more expensive! The pockets of crores of vehicle owners will be loose

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New Delhi. While on one hand the general public is already suffering due to the skyrocketing prices of petrol and diesel, now crores of vehicle owners of the country can get another dose of inflation. Yes, according to the news, the insurance companies have also made full preparations to increase the insurance premium this year. If sources are to be believed, insurance companies intend to increase third party motor insurance by 15 to 20 percent.

In fact, in view of the loss being caused to the companies due to Corona in the proposal sent by the insurance companies to the Insurance Regulatory and Development Authority of India, there is a 15 to 20% increase in third party insurance. approval has been sought. In such a situation, if the demand of the companies is accepted, then it will have a direct impact on crores of vehicle owners of the country.

IRDAI got the proposal

At the same time, according to some media reports, there are about 25 general insurance companies in India. All of them hope that IRDA will definitely give green flag to their proposal. Also, companies believe that they are suffering a lot due to Corona. In view of this, now the existing premium of third party insurance is not good and they are incurring losses due to this.

The condition of some of these companies is such that their solvency has gone below their prescribed limit. Third party insurance claims have also increased. Even now the pressure on companies has increased.

Third party insurance is very important

In fact, after a decision of the Supreme Court in 2018, it is now mandatory to take 5 years third party insurance while buying new two wheelers and 3 years third party insurance for four wheelers. At the same time, according to the Motor Vehicle Act, any vehicle that moves on the road, it is necessary to have third party insurance. Let the readers know that the insurance premium is determined by IRDAI (IRDAI.). Also, the premium changes every year. However, for the last two years, there has been no change due to Corona.

Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social cause and entrepreneurship is her forte.
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