MyInsuranceClub > Insurance News > Insurance News on Car Insurance

Insurance News on Car Insurance

Cross Road India to enter into motor insurance business

May 24, 2013 - 07:13 AM

Cross Road India Assistance which currently deals with two wheeler and passenger vehicles and provides services in case of vehicle breakdown, will enter into car insurance business. The Company plans to start this line of business from June 2013 onwards and will be fully operational by September 2013.

Cross Road India, established in the year 1999 and having an experience of 14 years, is the first road side repair assistance provider for cars. It provides services across 23 cities with... Read More »

Posted in Car Insurance | 12 Views | Write a Comment »

IRDA proposes rise in third party motor insurance

March 26, 2013 - 08:51 AM

In order to bridge the gap and curtail the losses on account of high claim ratio, insurance companies are intending to hike the premium rates for third part motor insurance, for which the approval of market regulator Insurance Regulatory and Development Authority (IRDA) is expected soon. This move was taken as auto insurance sector is largely as loss making segment with the actual claim ratio of around 200% of the premium amount and that increase in premium amount would help to minimize the... Read More »

Posted in Car Insurance , IRDA | 227 Views | Write a Comment »

IRDA approves premium rate hike, motor insurance premium to rise soon

February 19, 2013 - 01:44 AM

With a view to meet the rising cost and cost of high claim settlement, market regulator Insurance Regulatory and Development Authority (IRDA) announced the price hike in third party insurance cover for two wheelers, passenger cars and commercial vehicles. Third-party insurance cover protects the vehicle owner from any financial liability, in case of damage to life or property in an accident to the third person. Further, IRDA has asked all the concerned to put forward their view by 1st March on... Read More »

Posted in Car Insurance , IRDA | 1098 Views | Write a Comment »

ICICI Lombard loose battle against drunken driving case

February 04, 2013 - 03:15 PM

Aggrieved by the decision of ICICI Lombard, to deny insurance claim, based on the fact that the back seat passenger was drunk, Mr. Gopinath Tripathi, the claimant, filed a complaint with New Delhi Consumer Disputes Redressal Forum. On investigating the case further, the forum stated that the insurer has not applied its mind and illogically denied the claim and ordered the insurer, ICICI Lombard, to pay the insurance claim of Rs. 2.50 lakhs along with Rs. 75,000 as harassment and proceedings... Read More »

Posted in ICICI Lombard , Car Insurance | 313 Views | Write a Comment »

Car Insurance Policies would soon become more expensive

January 22, 2013 - 08:06 AM

According to Mr. S.S. Gopala Rathnam, Managing Director – Chola MS General Insurance, in order to bridge the gap between premiums collected and claims paid by the insurers, a raise in premium amount is needed to sustain the insurance industry which has reached a critical stage. Motor insurers are demanding 5 – 10% hike in third party premiums for private vehicles and 40 – 50% rise for commercial vehicles. This is expected to improve the underwriting performance of the industry. Third party... Read More »

Posted in Car Insurance , Cholamandalam MS, General Insurance | 311 Views | Write a Comment »

Insurance Companies blamed Truck Driver for rash driving to refuse claim

January 18, 2013 - 04:01 PM

The Tribunal ordered two companies, viz: Sundharam Private Limited and United India Insurance Company to pay a damage of Rs. 41.30 Lakhs to the widow of a chartered accountant who died in a road accident. He died when the driver of the truck, owned by Puducherry based Sundaram Private Limited, lost control over the truck and crossed over the opposite path, hitting the car of the chartered accountant. This judgment given by Mr. N.B. Dhayatadak has far reaching effect for many innocent victims of... Read More »

Posted in Car Insurance | 288 Views | Write a Comment »

Auto insurers now to deduct depreciation on painting claims

January 13, 2013 - 10:54 AM

All motor insurance policies come with a depreciation clause, which stipulates that the insurer will deduct a sum at the specified rate on the components replaced or materials added at the time of repairs after an accident. "The depreciation quantum is dependent on the type of parts replaced or materials added, besides the age of the vehicle. However, at this moment, insurance companies don't deduct the depreciation element from the painting charges, and painting-related claims are fully... Read More »

Posted in Car Insurance , IRDA | 453 Views | Write a Comment »

35% of cars without Car Insurance, inspite of it being Mandatory

January 07, 2013 - 05:02 PM

Legally no vehicle is allowed to be driven on the road without a valid insurance. It is a compulsory requirement for any person who uses vehicle to be used on a road to have correct and valid insurance against third party risks. However based on statistics provided by the insurance company’s one – third of the cars and two – third of the two wheeler vehicles run on the roads without compulsory third party liability insurance. The base of this statistical data is by the number of vehicles... Read More »

To lower Third Party Claims, Insurance companies file new proposals with IRDA

December 22, 2012 - 02:09 PM

Claims May Face Rejection If person not included in the policy list

General Insurance Companies are planning to approach market regulator I.R.D.A. for submitting their proposal to reject the accident insurance claim wherein the vehicle has met with an accident by a person not included in the list provided at the policy inception. The claim will also be rejected even if the person is carrying a valid driving license if his name is not included. This is a move to combat frauds on Motor Insurance... Read More »

Insurance company will pay the third party claim in spite of premium cheque bounce

April 24, 2012 - 06:06 PM

A verdict of the Supreme Court in a matter involving United India Assurance states that even if the premium cheque of the policyholder bounces, the insurance company will still compensate the third party claim. The judgment in bold letters reads - Premium cheque dishonoured – Cancellation after accident – Insurer liable

Insurance companies issue motor insurance policies instantly after collecting the payment from the policyholder. In cases where payment mode is cash or credit card, there is no... Read More »