Motor insurance will very soon empty the pockets of the car and bike owners who will have to pay about 10 percent more on new covers. The insurance regulator has proposed in the new price structure, the truck owners to pay almost around 80 percent extra.
The cover provided by the third party motor insurance compensates for the accident victims and thus, they have been made mandatory to be purchased by all vehicle owners and the IRDA has proposed a new tariff for the insurance. The date about the time period has been set as the deadline in order to receive comments from all the stakeholders so as to announce the date on which the new prices will be made effective.
Third party insurance is the only business where rates are fixed by the regulator. Here the insurance companies receive a fixed premium but their liability is unlimited as claims are paid on the basis of compensation awarded by the motor accident claims tribunal.As the claims keep rising every year, premium on a third party insurance has been a controversial issue since long due to the compensation paid out to accident victims being based on their income which is grows constantly.
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