Third party liability premium goes up<br><br>Come April 1, the premium rates for motor third party liability only cover will undergo an upward revision.<br><br>The premium rates are calculated on the basis of a specified formula. These will be notified every financial year by the IRDA. The formula is devised taking into consideration the experience measured in terms of average claim amounts, frequency and expenses involved in servicing the motor third party business.<br><br>The IRDA had done an extensive actuarial review of the premium rates for motor third party liability only cover for different categories of vehicles for years 200708 to 201011. The rates for 201213 are calculated using the growth rate in severity assuming that the average frequency remains constant. Those who own cars up to 1,000 cc engine capacity will have to shell out a third party premium of Rs.784. In the case of cars with engine capacity of above 1,000 cc and up to 1,500 cc, the premium will be Rs.925. For cars exceeding 1,500 cc, it will be Rs.2,853.<br><br>The premium for twowheelers below 75 cc is Rs.350; for above 75 cc and up to 150 cc vehicles Rs.357; for above 150 cc and up to 350 cc vehicles Rs.355; and for vehicles above 350 cc Rs.680. For goodscarrying private and public threewheelers, the premium rates are fixed depending bred 13s on their loadcarrying capacities.<br><br>The IRDA premium notification covers a range of vehicles such as trailers, fourwheeler passenger carriages (depending on their engine capacity and seating capability), motorised two and threewheeler vehicles for carrying passenger for hire, special types of vehicles et al.<br><br>The insurance regulator has asked the insurers to that motor third party insurance is made available at their underwriting offices It has gone on to direct them to process any request for insurance<br><br>Any complaint about nonavailability of insurance or use of methods to deny or delay the client seeking insurance cover will be taken seriously, it has warned.<br><br>The IRDA has also made it clear that insurers can't cancel the current insurance and issue fresh policies to effect new premium rates.<br><br>All vehicle owners have to compulsorily buy third party cover to compensate for any damage or liability caused to third party's life or property in the event of an accident. A comprehensive motor insurance comprises own damage as well as third party cover.<br><br>The revision in premium rates must be understood spizikes for sale in the context of huge loss run by general insurance companies, estimated at over Rs.10,000 crore, on third party cover. One can drive without insurance, and still not pay a big penalty. Here in the US, driving without insurance would mean a fine of upto $ 5000, and if the accident involved a death, in space jams all probability, jail time. Then there is the demerit point for moving violations. With every demerit point, the insurance premium goes up. Then again, this is possible because of the impeccable system, the networking of law enforcement and insurance bureau above all the accountability of everyone in daily life.<br><br>Increasing the motor third party premium will to a certain extent help in stemming the rot of a 10,000 crore loss to the industry. In parallel, a countrywide system needs to be established wherein both the 'at fault' and 'not at fault' parties should not be able to get the insurance money if the vehicle is repaired without an accompanying police report. A good system is already in place where the autodealers aid the accident parties in the repair. By including the police report for big or small accidents, the claims recovery status for the insurance companies can improve from the 'at fault' party's insurer..
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