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Insurance companies set to change rules for motor insurance

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  • #1

    Insurance companies set to change rules for motor insurance

    Insurance companies have approached the Insurance Regulatory Development Authority (IRDA) to make claims procedure stricter.

    Click image for larger version Name: bike crash.jpg Views: 1 Size: 65.4 KB ID: 1974349General insurance companies go to IRDA with new proposals; move to bring down fraud third party claims - The Economic Times

    In further news women who earlier had to pay less premium will now be equal to men in UK.

    BBC News - Insurance rules on gender will alter prices
    Tags: None
  • #2
    News approved.
    (Been There Done That) x 3.25

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    • #3
      well, it seems to be a good as well as bad news.. (for me)
      sigpic
      Relationships change, evolve, and it goes deep.
      Only thing I can say - "The storm is coming"

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      • #4
        if your friend is riding your bike, and even though your bike have insurance and the rider also have driving license, if he crash, you will not get insurance money, what rubbish. IRDA should reject it. this means you can never give your vehicle to anybody whose name is not registered with insurance company. BS.

        i was not aware, women have to pay less premium for vehicle insurance. is this in india?? when will these lawmakers learn. less fees in education is understandable, but less less vehicle insurance premium...BS.
        sigpic

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        • #5
          Insurance Companies just wanna increase the profit they are getting by these rules..customers won't get any profit by all this..all these will make insurance claiming procedure more complicated..
          Suzuki Gixxer - Current
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          • #6
            Originally posted by 111diablo111 View Post
            Insurance Companies just wanna increase the profit they are getting by these rules..customers won't get any profit by all this..all these will make insurance claiming procedure more complicated..
            The Insurance companies are acting like they are in pretty poor condition. They cant even give a original insurance document in hard paper. Recently for my newly purchased bike, Im gettin my insurance paper in a low quality print in copier paper. For Gods sake, cant they give a sealed document which is just one page!
            Sometimes you gotta run before you can walk ! - Tony Stark

            Sometimes in Driving, being patient for a matter of seconds can save your LIFE!

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            • #7
              I got mine via email... lol...
              "stay hungry, stay foolish."

              To those who have attitude... My middle finger salutes you...!

              Rajmachi Conquered...!
              sigpic

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              • #8
                Originally posted by NewsReaper View Post
                Some of the major changes proposed are –
                - A person’s claim will not be entertained if anyone not registered is riding/ driving
                - A list of people who will be using the vehicle is needed to be submitted to the Insurance company
                - Premium will depend upon the number of people using the vehicle.
                - Even if the rider possesses a valid driving licence the claim will be rejected if name is not in the list submitted to the Insurance Company
                These points are utter Shit !! This will increase more bad relations between friends and relatives!! We can't deny friends and relative if they want our bikes for a week or for some needs!!

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                • #9
                  Originally posted by princesirohi View Post
                  if your friend is riding your bike, and even though your bike have insurance and the rider also have driving license, if he crash, you will not get insurance money, what rubbish. IRDA should reject it. this means you can never give your vehicle to anybody whose name is not registered with insurance company. BS.

                  i was not aware, women have to pay less premium for vehicle insurance. is this in india?? when will these lawmakers learn. less fees in education is understandable, but less less vehicle insurance premium...BS.

                  Prince its very simple, these laws are there in foreign countries, all we used to do is at the time of claim we would submit license of the registered person only, solves the issue, unless a police complaint is lodged.

                  As for women having to pay less premium is concerned that is utter nonsense.

                  PS- even I got my policy via email only

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                  • #10
                    So that means that if a bike is stolen & crashed later on, you wouldn't get insurance money, when you need it the most... Wow. Then, what's the point of getting insurance!?


                    I checked the P&L a/c of ICICI Lombard, and they do appear to be at a loss. But it seems to be carried forward from the last year:-> https://www.icicilombard.com/about-u...sclosures.html
                    ---
                    Brotherhood, Rules, Freedom. Xbhp.
                    Indian riding = Alertness, Anticipation and Adjustment.

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                    • #11
                      What I dont understand is how is this going to reduce false claims. What if, my friend(who's not a registered user) crashes the bike and I claim it, saying I did it, what difference would this make? What are they trying to do?
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                      I am responsible !
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                      • #12
                        This is an excellent piece of news. Apart from a few fraud claims, it will greatly reduce the practice of simply lending the bike to someone else. Most friends/relatives will understand, and no need to give to those who don't!

                        @Samarth: If your bike is stolen, you need to first file a police complaint. The insurance claim will be based on theft and not for lending the bike to someone.

                        Prajwal
                        www.youtube.com/user/prajwalkashyap

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