Car Insurance Policy
Motor insurance picked up pace, grew neck and neck with health in H1FY23
Motor insurance, which saw muted growth in the last two years, has finally seen some momentum, although the base is low
 "Motor insurance picked up pace, grew neck and neck with health in H1FY23")
Want a lower motor insurance premium? Watch how (often) you drive
Floater policies will be cost-effective, provide convenience of renewal at one go for multiple vehicles
 "Want a lower motor insurance premium? Watch how (often) you drive")
Rise in 3rd party motor premium to partially offset losses for insurers
The recent increase in the premium rates on third-party motor insurance is unlikely to fully offset the motor insurance segment's underwriting losses, Crisil Ratings said in a report. The premium rates for third-party motor insurance have been increased from June 1. Premiums for two-wheeler insurance have risen the most -- by 12-21 per cent -- across engine capacities. For private cars, the maximum increase is 6 per cent. "The Ministry of Road Transport and Highways' move to increase the premium on third-party motor insurance after two years is a step in the right direction, but unlikely to fully offset the segment's underwriting losses," the rating agency said in the report. Third-party insurance cover is for other than own damage and is mandatory (as per the Motor Vehicles Act, 1988) to purchase along with own damage cover. Underwriting losses occur when claims are higher than the premium income of an insurance company. The last time premiums were hiked was in June 2019 and ...
 "Rise in 3rd party motor premium to partially offset losses for insurers")
Tata AIG launches usage-based insurance cover for private car owners
The usage-based private car cover, launched under the Irdai's regulatory sandbox, is more affordable offering customised solution towards one's driving profile apart
 "Tata AIG launches usage-based insurance cover for private car owners")
With 30 days more to pay premium, make sure you don't let your policy lapse
Usually, general insurers give 30 days for health and 90 days for auto insurance policyholders to pay renewal premiums, even after the due date has passed
 "With 30 days more to pay premium, make sure you don't let your policy lapse")
Reader's corner: Can motor insurance policy be transferred to a new car?
You need to inform to the insurance company about any changes or modification you have done to the insured vehicle, says expert
 "Reader's corner: Can motor insurance policy be transferred to a new car?")
Multiple cars, one policy: Irdai's latest announcement a boon for many
The CPA cover will also be available with the third-party liability policy and the comprehensive policy (third party plus own damage), as it is today
 "Multiple cars, one policy: Irdai's latest announcement a boon for many")
