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    Traffic violations may soon be linked with motor insurance premium

    Synopsis

    A committee appointed by insurance regulator IRDAI has recommended that traffic violations be linked with motor premiums to encourage better road sense. The report published Monday by the nine-member working committee suggested inserting “Traffic Violation Premium” to the ambit of motor insurance.

    In practice, every motor insurance buyer will be assessed for traffic violation points based onwhich the premium will be fixed.
    Mumbai: Speed thrills but kills – at least your savings.

    Very soon, your motor insurance premium may depend on your traffic-ticket count. So, there’s sufficient incentive – besides better mileage - to go easy on the accelerator.

    A committee appointed by insurance regulator IRDAI has recommended that traffic violations be linked with motor premiums to encourage better road sense.

    The report published Monday by the nine-member working committee suggested inserting “Traffic Violation Premium” to the ambit of motor insurance. The panel included officials from the Delhi Traffic Police, IRDAI, Insurance Information Bureau (IIB) and insurance companies have

    “This section will float over both Own Damage and Third-Party sections of motor insurance and can be attached to any section of motor insurance cover being purchased, chiefly, Own Damage or Third-Party insurance,” said the report. “This will ensure, regardless of any insurance cover a motor owner wants to buy, he/she will be subjected to Traffic Violation Premium, unless he already has in force a motor insurance policy wherein traffic violation premium has already been paid.”

    In practice, every motor insurance buyer will be assessed for traffic violation points based onwhich the premium will be fixed.
    ( Originally published on Jan 18, 2021 )
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    21 Comments on this Story

    Aaaa Bbbb43 days ago
    Government is just trying to make money from silly reasons.. First do safety check of roads. Trucks are running which are unfit to run. Pollution increase.. Common man affected..
    Make good infrastructure then put these penalty. We already pay road tax then why the f.. K we shd pay
    GURURAJ M G43 days ago
    Looks like another lobby from insurance companies to harass the piblic. Tragedy is that govt is yeilding to such tricks in the name of false public interest.
    Public should never allow such croocked tricks to succeed. Already traffic penalties are high. Added to this current proposal is another blow in the offing.
    Amit43 days ago
    Government just keep on adding new to fill their pockets making hard for people to live... Why not first improve the roads and then come with any rules... first see the Indian road's conditions.... Already insurance companies are looting people now another opportunity for them...
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