Announcement

**The Monk** · 03-23-2013, 04:54 PM

News Approved

**aargee** · 03-23-2013, 08:20 PM

These damn things will not help to increase the revenue; instead...
1. Work from Monday to Saturday
2. Simplify the insurance renewal process instead of making us walk from counter to counter
3. Allow TP insurance online
All the more, allow private players to issue TP

**bbsrailfan** · 03-25-2013, 11:17 AM

[QUOTE=NewsReaper;929144]Also it will make it easier for the consumer, as they won't have the headache of getting their insurance renewed every year. IRDA is currently working on a draft two year motor policy.

Really? Then why not a 5-year plan? Or a lifetime insurance maybe?

Estimates say that around 70% of two wheelers and 35% of four wheelers do not bother with Insurance. By increasing the time renewal to two years, IRDA hopes that the number of insured vehicles will go up..

So, what if the insured vehicles are not re-insured after 2 years? More laxity=more ignorance!

**somen1984** · 03-25-2013, 11:33 AM

Originally posted by NewsReaper View Post

Also it will make it easier for the consumer, as they won't have the headache of getting their insurance renewed every year. IRDA is currently working on a draft two year motor policy.

Really? Then why not a 5-year plan? Or a lifetime insurance maybe?

So, what if the insured vehicles are not re-insured after 2 years? More laxity=more ignorance!

This will increase the premium amount at initial stage.
Atleast for now we should start with 2 yrs plan only

**senthilanandhpv** · 03-25-2013, 01:22 PM

This will rob people of the no claim bonus. Right now If we pay yearly we can have no claim bonus increasing 5 to 10 % ever year. So after 5 years I will have 45 % no claim bonus.. But with insurance every two years on fifth year I will have only 10 to 20 % no claim bonus..
This is a loss for people who take care of their vehicle and who are paying insurance on time.

**bbsrailfan** · 03-25-2013, 02:24 PM

Originally posted by somen1984 View Post

This will increase the premium amount at initial stage

Originally posted by senthilanandhpv View Post

This will rob people of the no claim bonus. Right now If we pay yearly we can have no claim bonus increasing 5 to 10 % ever year. So after 5 years I will have 45 % no claim bonus.. But with insurance every two years on fifth year I will have only 10 to 20 % no claim bonus..
This is a loss for people who take care of their vehicle and who are paying insurance on time.

That's precisely what insurance companies want! They are not bothered about customers - they want their cash registers ringing!

**princesirohi** · 03-25-2013, 11:02 PM

Originally posted by aargee View Post

These damn things will not help to increase the revenue; instead...1. Work from Monday to Saturday2. Simplify the insurance renewal process instead of making us walk from counter to counter3. Allow TP insurance onlineAll the more, allow private players to issue TP

^ i agree to third point but not to second point, and can't understand the first point at all. for me all it takes is a phone call to my agent and one visit to him after office hours to hand him old insurance paper and money, and one more visit a few days later to collect the papers... no running counter to counter, or may be bajaj allianz is better than others.[QUOTE=bbsrailfan;929471]

Originally posted by NewsReaper View Post

Also it will make it easier for the consumer, as they won't have the headache of getting their insurance renewed every year. IRDA is currently working on a draft two year motor policy. Really? Then why not a 5-year plan? Or a lifetime insurance maybe?So, what if the insured vehicles are not re-insured after 2 years? More laxity=more ignorance!

exactly...!!

Originally posted by somen1984 View Post

This will increase the premium amount at initial stage.Atleast for now we should start with 2 yrs plan only

yes..

Originally posted by senthilanandhpv View Post

This will rob people of the no claim bonus. Right now If we pay yearly we can have no claim bonus increasing 5 to 10 % ever year. So after 5 years I will have 45 % no claim bonus.. But with insurance every two years on fifth year I will have only 10 to 20 % no claim bonus.. This is a loss for people who take care of their vehicle and who are paying insurance on time.

you have a nice and valid point.

**aargee** · 03-26-2013, 08:22 AM

Originally posted by princesirohi View Post

^ i agree.....you have a nice and valid point.

Saar...kindly read the post carefully, it's not about comprehensive, it's about TP. Hopefully your agent does a good job when it comes to TP

Originally posted by senthilanandhpv View Post

This will rob people of the no claim bonus

And saar, with due respect...there's no NCB for TP...atleast that was the case with United India for over 3-4 years now

Originally posted by bbsrailfan View Post

That's precisely what insurance companies want!...their cash registers ringing!

Yes, hardly Rs 500 for 2 years for millions of vehicle that are older than 15+ years. Best place to make money huh?

**srikany** · 03-26-2013, 11:29 PM

One thing that I find in common with all the policies being brought weather it is the Set top box being compulsory or Ahdaar card being compulsory for LPG connections or increasing the Third Party Insurance term to minimum of two years; the government is pushing for higher revenues and not for the benefit of customers. I find renewing a Third Party a real head ache as the insurance guys do not work on Weekends and the Public sector insurers are rarely interested to serve the customer.

**sparky** · 03-29-2013, 10:17 AM

Irrespective of what hassle it is Insurance is a must for any vehicle on the road. It helps both the user and any other road users covered. It's very common to see that 2 wheelers run amok on roads and pose a danger to pedestrians and other vehicles and many of them don't have insurance. The best way to ensure each vehicle have it is make mandatory that vehicles owners should every year or two register their insurance policy on some rto website with the vehicle number. Any who doesn't register or gives wrong details can then be persecuted.

Announcement

Motor Vehicle Insurance for 2 Years now?

Motor Vehicle Insurance for 2 Years now?

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