Motor Insurance

Mandatory KYC leads to 30-50% dip in demand for motor insurance from agents

Demand for health and motor insurance to continue though growth may dip, say experts

Motor insurance, which saw muted growth in the last two years, has finally seen some momentum, although the base is low

Floater policies will be cost-effective, provide convenience of renewal at one go for multiple vehicles

The concept of 'pay as you drive" stems from the fact that policyholders will be charged premiums based on vehicle usage

The automobile industry has been impacted by a series of headwinds, leading to a steady increase in two-wheeler prices, TVS Motor Company Director and CEO K N Radhakrishnan said in a statement

In the past, the general insurance industry has seen TP premium increases in double-digits for the blended pool

Union Road Transport Ministry has proposed an increase in third-party motor insurance premium for various categories, which is likely to jack up insurance cost of car and two-wheelers from April 1.

The ministry of road transport and highways released a draft notification for revising the motor third party premium rates for the financial year 2023

In a significant order, the Madras High Court has ruled that "bumper-to-bumper" insurance should be mandatory whenever a new vehicle is sold, from September 1. This must be in addition to covering the driver, passengers and owner of the vehicle, for a period of five years. Thereafter, the owner of the vehicle must be cautious in safeguarding the interest of driver, passengers, third parties and himself/herself, so as to avoid unnecessary liability being foisted on the owner of the vehicle, as beyond five years, as on date there is no provision to extend the bumper to bumper policy, due to its non-availability, Justice S Vaidyanathan said in a recent order. The judge was allowing a writ petition from the New India Assurance Company Limited in Avalpoondurai, challenging the orders dated December 7, 2019 of the Motor Accidents Claims Tribunal, Special District Court in Erode. The Insurance company pointed out that the insurance policy in question was only an "Act Policy", which woul

Owners of younger or more valuable vehicles should stick to comprehensive cover

To safeguard your vehicle against a cyclone, supplement a comprehensive motor policy with a couple of add-ons

While group health has seen 9 per cent growth, government schemes and overseas medical segments contracted

Experts said this is the result of higher new vehicle sales on the back of strong retail demand during the festive season

Till January, the health insurance segment has grown 14.59 per cent to Rs 48,501 crore

Increasing new vehicle sales and strong momentum in retail sales during the festive season supported growth.

They may work as insurance intermediaries in much the same way as an insurance broker, but must solicit motor insurance business only

General insurers, 25 in all, saw their premium collection go up 5.57 per cent in August 2020 to Rs 13,139.63 crore, compared to Rs 12,445.83 crore in the same period last year

Here is how the premium for Bundled policy (1year OD + 3year TP) for a new Maruti Swift LXI in Mumbai offered by various firms stacks up

If you let it lapse and renew later, you will lose out completely on the no-claim bonus