IRDAI Guidelines for car insurance premiums
the insurance regulatory and development authority of india (IRDAI) is the apex authority that regulates the Indian insurance sector. it has set some essential rules that insurance companies and policyholders must follow to ensure fair practices and transparent transactions.
importance of IRDAI rules for car insurance
have a look at the following points that highlight the importance of irdai regulations for car insurance:
1 the irdai guidelines establish compulsory insurance coverage like the third-party policy.
2 the authority regulates policy terms & conditions to protect individuals.
irdai oversees claim settlemenat t procedures followed by insurers to prevent delays & fraud.
the regulations set by irdai specify insurance premium structures that comply with the motor vehicles act 1988
IRDAI Guidelines for Third Party Car Insurance
a third-party car insurance policy is mandatory by motor laws in india. it protects the car owner from liabilities arising out of third-party losses (injury/death) and property damages. Here are IRDAI regulations on third-party liability insurance:
the insurance company must compensate the third party for any loss of life caused due to the inpsured vehicle.
1 the insurance company must compensate the third party for any loss of property of life caused due to the insured vehicle.
2 in the event of third-party death, the insurer must compute the amount of compensation based on the net worth of the deceased. the MACT (Motor Accidents Claims Tribunal) takes the final decision.
3 for third-party property damages, the compensation amount is as per the extent of damage caused by the insured car and is up to rs. 7.5 lakhs.
4 the insurance company pays for any legal liabilities arising from an accident involving the third party.
Things to know before buying electric car insurance
planning to buy an electric car? before you do it, you may have to look for its insurance options too. as electric vehicles (EVs) become increasingly popular in india, the demand for EV-specific insurance policies is also on the rise.
EV Insurance and its importance
Electric car insurance provides essential protection to EV owners by covering damages to their EV’s battery, charging equipment, and expensive repair of EV components. Structurally, EV insurance is like the insurance for conventionl fuel-based vehicles.
1) third party (TP) insurance: AS per motor laws in India, third-party insurance is compulsory for your EV in order for it to ply on roads legally.
2) Own Damage (OD) insurance: covers damages or loss of own vehicle due to road accidents, theft, fire, or natural disasters.
3) comprehensive insurance: also referred to as a bundled policy, it covers both own damages as well as third-party liabilities,
How are Electric Vehicles Impacting Car Insurance in India?
electric vehicles (EVs) currently hold a niche spot in the Indian automotive market but are gaining an increased presence on the roads, both in private and commercial fleets.
Car Insurance Claim for Minor Car Repairs
Managing car repairs can be stressful, but a clear understanding of your car insurance policy and the coverage offered can help you reduce some of your burden.
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