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Source - http://www.post-gazette.com/
From April’2017, car, motorcycle and
health insurance is going to get costlier, as the insurance regulator IRDAI is
going to give “go-ahead” to insurers for revision in commission for agents.
The
IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and
Insurance Intermediaries) Regulations, 2016 will hike premium rates by as much
as 40% for 2016-17 which will come into effect from 1st April’2017. For
cars below 1,000cc the premium has raised by 40% to Rs 2,055, while for compact
or B segment cars (1,000-1,500cc) the increase is 40% to Rs 2,237 & for
sedans, the regulator has increased it by 25%.
After the necessary modifications the change in premium is
going to be +\-5 % of the existing rates. This increase will work as an
addition to the enhanced third party motor insurance rates. These regulations
will also bring certain revisions in commission/remuneration rates and will also
lead to introduction of the reward system.
According to IRDAI, this can cause insurers to revisit the
pricing of their products, as far as the costing input relating to commission
or remuneration is concerned. However, change in rates is going to be +\-5 % of
the existing rates of products or add-ons.
For the policies already sold, Insurers will have to give
the certificate saying “no detrimental change” in premium rates and any other
provision of the policy in the policies.
Not just that, it’s now mandatory for used vehicle owners to
transfer the insurance policy in their name to claim the insurance against the
damaged vehicle. As no owner can now file a claim without the valid insurance
transfer in their name.
Claim is only admissible, on the basis of a valid contract
between the Insurance company and the new owner and absence of it will make the
new owner non admissible to claim for any kind of insurance.
According to the court as well, “an insurance policy is a
contract between a policy holder and an insurer and in the absence of the new
vehicle owner’s name on the motor insurance policy, there exists no valid
contract between him/her and the insurance company. Hence, any accidental
damage suffered by the new owner is not admissible under the previous policy.”
Are you as well looking forward to buy a used vehicle and
yet desire not to get through the complicated process of transferring previous
insurance on your name alone?
You are on the right track then, as there is a company who
can assist you and help you in your all types of used vehicle requirements as
transferring the insurance policy on your name is quite a hectic process and
doing it alone can be further more hectic, but it’s necessary and need to be
done.
Shriram Automall India Limited (SAMIL), No.1 service provider for
Acquisition & Disposal of used vehicles in India, provides you the best
quality used vehicles of every make and model in optimal prices, through innovative
bidding platforms & also ensures complete transparency while closing the
deal.
Company understands that, buying
a used vehicle can be a big investment, which needs care and further
assistance. So, company with its professional team in 67 Automalls across
India, provides full documentation and valuation services to its customers,
SAMIL team also assist customers regarding their all types of insurance needs.
To register yourself for
acquiring or disposing used vehicles & equipment through a convenient platform
you can simply visit your nearby Automall or click the link below and you are
all good to go.
Link:
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