Motor insurance is always in news. Whether it be the hike in the premium of car insurance, merger of XYZ motor insurance company with ABC motor insurance company or any new product amendment in the Motor Vehicles Act, 1988.
We will now highlight two top stories about Motor Insurance that were in news .. !
Top News 1#
Rash drivers be alert! Your bad driving may lead to a hike in car insurance.
India has a track record of the highest number of road accidents in the whole while world. Therefore, the traffic department of India has taken steps to reduce the number of road accidents which currently is recorded at 5 lakh per year.
Yes, you heard it right. Very soon the transport department plans of penalising the ones with bad driving skills that violate the traffic laws. The good news is that the ones with good driving skills especially who haven’t been booked under the traffic police in the past 5 years would be incentivised!
Traffic police will soon recommend a hike in car insurance premium for the ones violating the traffic laws and charge lower premiums for the ones with a clean record. This petition has been given to the Insurance Regulatory and Development Authority (IRDA).
To add to it, the traffic department also plans of keeping a closer eye on policyholder’s renewal history to keep a tab if the same is being done within the stipulated time limits. This department also initiates to link the Vahan Software to the IRDA database to track the ones who don’t follow the motor insurance renewal guidelines. Furthermore, the traffic department also plans of impounding the vehicle if found without a valid motor insurance and would release only once the insurance is purchased.
This initiative will inculcate discipline amongst the Indians to follow the transport and traffic rules, thereby reducing the number of accidental death.
Top News 2#
Motor Insurance Industry to offer quicker, hassle-free and excellent services in the near future.
The Motor Insurance has grown drastically that fetches 50% of the annual premiums earned amongst the other general insurance sectors. This increase is also been due to the rise in the sale of the automobiles in India.
This motor insurance industry is now looking forward to offer faster yet hassle-free services by introducing new technologies and platforms to get closer to their customers.
Usually policyholders look at the features and the benefits offered by the motor insurer while buying motor insurance. The motor insurance industry has now decided to educate its customers for the ‘pricing’ part too while buying the motor insurance. This would include educating about the car insurance premium calculations. Others, also plan of introducing new applications that can be accessed via the car’s infotainment panel.
The Motor Insurance Industry also looks forward by sending timely reminders to their customers for motor insurance policy renewal by initiating a technology based assistant.
Installation of anti-theft devices such as the steering wheel lock, immobilizers, alarms; etc. would bring down the overall cost of the car insurance premium. This practice would assure the motor insurer about the preventive measures taken by the policyholder against theft.
The Motor Insurance Industry thus would bring in more advancements, paperless services, improvised digital experience and most convenient motor insurance soon!
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