Insurance is like a spare tyre. You may not require it, but not having one is not an option.
  • Car Insurance News & Latest Updates

    News & Latest Updates On Motor Insurance

    • Two Factor Authentication For E-Insurance Soon

      IRDAI (Insurance Regulatory and Development Authority of India) is considering implementing two factor authentication for e-insurance policies. As part of this process, an OTP (One Time Password) will be sent to the policyholder’s registered phone number and this will be used to verify the request.

      IRDAI will be making changes to existing rules governing e-insurance in line with this new directive.

      The regulatory body has stated that this move will help prevent fraud and make online insurance policies more credible.

      Currently insurers require one factor authentication for the sale of motor and life insurance policies online.

      The new directive will mean more stringent verification through the OTP as well as digital and e-signatures to authenticate the policy.

      BankBazaar News About Insurance

      20th September 2016

    • Maruti Re-aligns Its Focus To Premium Cars

      Following the roaring success of its most recent models, the Baleno and Vitara Brezza Indian automobile giant, Maruti Suzuki India Limited (MSIL) is in the process of shifting its focus to introduce premium cars in the Indian market. Kenichi Ayukawa, CEO & MD, MSIL, said that the plans are underway to add more premium cars to the brand’s existing fleet. The Baleno and the Vitara Brezza+ are currently on the list of the top 10 cars which have captured market share in the months of July & August 2016.

      BankBazaar News About Insurance

      16th September 2016

    • Rev Up for Automatic Cars This Festive Season

      A slew of automatic cars are set for release soon, with the Renault Kwid AMT leading the pack. This car, which comes with an 800 cc engine, will be releasing in a 1.0 litre engine variant as well.

      The Tata Tiago AMT is set to provide stiff competition to the Kwid, with both cars set to release in time for the upcoming festive season. The Tiago will be equipped with both petrol and diesel engines. The Revotorq engines will churn out torque of up to 140N.

      The Maruti Suzuki Ignis is the latest in the company’s automatic fleet of cars. The car, a mini-crossover, will come with petrol and diesel variants and feature Maruti’s AGS technology.

      Car buyers looking to capitalise on the new releases should definitely consider getting car insurance to ensure a happy and safe festive season.

      BankBazaar News About Insurance

      12th September 2016

    • Maruti Suzuki Boosts Portfolio of Bigger Cars and SUVs

      In an attempt to expand beyond small cars in its portfolio, Maruti Suzuki is planning to add more number of bigger cars and SUVs to its fleet. However, the country’s largest carmaker is worried with the success of Renault Kwid. Maruti has also started work on its latest version of best seller Alto. Customers can choose from various car insurance policies when they buy a car from Maruti Suzuki.

      The MD & CEO of the company, Kenichi Ayukawa, said that the company has received a healthy response to Brezza city SUV and Ciaz Sedan. He also added that customers in India are expecting to upgrade to more premium vehicles. Talking about the recent policy flip-flops and sudden changes in regulations, the MD said the internal strategies will have to be changed and a lot of investment plans will be impacted.

      BankBazaar News About Insurance

      1st September 2016

    • Hyundai to Launch Kia Cars in India

      South Korean car manufacturer, Hyundai would be soon introducing Kia Motors into the Indian automobile industry. This will be done at a rung lower, owing to which the Hyundai cars would be offered as premium products. The ideal small car for the Indian market would be the Picanto, which can be categorised between the Grand i10 and the Eon. Under the hatchback category, the Rio would be the right choice for Hyundai.  The Rio sedan would be the right selection in the smaller sedan segment for the car manufacturer competing with the likes of Maruti Swift Dzire, etc. No car line-up is complete without an SUV and Hyundai might bring in the Sportage with a 2.0-litre diesel engine into the market. An MPV named Carens might also be added to the list by Hyundai. Hyundai customers can get a comprehensive car insurance policy for their new cars while purchasing the vehicle from any insurer across the country.

      26th August 2016

    • Maruti Suzuki Brezza Diesel Variant Showcased in Indonesia

      The Maruti Suzuki Vitara Brezza diesel variant, known as the VItara Brezza AMT, is one of the most anticipated car releases this year.The car was recently showcased at the Indonesia Auto Show, which is currently underway.

      The car is the first diesel-powered model for the Brezza range of cars and is expected to be launched shortly.

      While the car will continue to have a 1.3 litre DDiS engine, the car could have some surprises up its sleeve, which would be revealed during its launch in India.

      The car comes with projector headlamps, underbody plastic cladding as well as roof rails for added comfort and durability.

      Upon its release, the car will be insured by all major car insurance providers.

      22nd August 2016

    • Steeper Fines for Traffic Violations in Nagpur

      The traffic police in Nagpur are to raise fines for traffic violations from August 17th, 2016 in an attempt to deal with the growing numbers of offenders.

      As per the new fine rates, motorists without a helmet will incur a fine of Rs.500 instead of the earlier Rs.100.

      For offences such as speeding, driving a car without proper car insurance or registration and racing, the fine will now be Rs.2,000.

      The penalties had been revised upwards at a meeting on August 4th, 2016, and were to be implemented from August 17th, 2016.

      Additional fines have been added for the use of decorative number plates and rash driving, with offenders to be fined Rs.1,000 for such violations.

      Making illegal modifications to vehicles and driving a vehicle without taillights or headlights will result in a fine of Rs.1,000 for each offence.

      19th August 2016

    • Insurance To Go Digital From October

      The insurance industry will be embracing the digital revolution from October 1st, 2016. Electronic insurance policies will be issued to policyholders, with the policies stored in demat form after issue.

      A number of insurance policies, such as motor insurance and travel insurance, will only be available in digital form after October.

      In order to purchase or renew insurance, individuals will have to open e-Insurance Accounts (eIA).

      Up to now, depositories to convert physical insurance policy documents to demat exist, but in future all policies will be issued in demat form.

      E-insurance will be beneficial to policyholders as the process will be paperless and also reduce incidences of fraud as all documents will be digitally verified and tamper-proof.

      The IRDAI has issued a grid for the issuance of policies in their electronic form, containing the sum assured as well as the annual premium payable.

      18th August 2016

    • Police Constables to Get Power to Book Traffic Offenders

      The number of traffic violations in the country has seen a sharp increase over the last few years, with lack of policing being a major reason for it. Traffic violators in the city of Nagpur, who might’ve previously escaped after such violations might be in for a rude awakening, thanks to a new proposal which could give constables the power to book them. The Home Department of the state has authorised constables to issue challans in cases of traffic violations, with helmetless riding being their primary concern. Earlier, only PSIs could issue such challans, but this directive is bound to give more teeth to the department, helping them reduce the number of violations in the city.

      These powers have been introduced under the Motor Vehicles Act of 1988, which will help around 475 constables do a better task on the roads. With just 20 Police Sub-Inspectors in the city, booking offences took time, often leading to offenders escaping. This new move would help in better traffic management in Nagpur. Additionally, penalties for various offences have also been increased, aiming to hit offenders in their wallets. Helmetless riding in the city will attract a fine of Rs. 500, a fivefold increase in the old fine, while violations for speeding, rash-driving, etc. will attract fines ranging between Rs. 300 and Rs. 2,000.

      BankBazaar News About Insurance

      10th August 2016

    • Introduction of New Motor Vehicles Act Could Hike Premium

      We could soon be paying more to purchase or maintain the third-party insurance for our vehicles, thanks to proposed changes to the Motor Vehicles Act. Amendments to this act could see the premium go up by around 10-15%, primarily on account of an increase in the proposed compensation for victims of accidents. Amendments to the Act could see the compensation for death go up to Rs. 2 lakh for hit and run accidents, while serious injuries will attract a compensation of Rs. 50,000. Other instances could see compensations of Rs. 10 lakh, which are the reason for insurance companies to hike premiums.

      A hike could be implemented once the Act is passed by both the Houses of the Parliament. Current laws stipulate that 3rd party insurance is mandatory. The new amendments will make it binding on insurance companies to pay the amount within 30 days of an accident, with it possible for aggrieved individuals to approach the tribunal for higher compensation claims. The proposed amendment has attracted objections from some sections of the society who feel that the government shouldn’t be setting a cap on the compensation offered.

      BankBazaar News About Insurance

      9th August 2016

    • Fiat To Soon Launch Urban Cross In India

      Fiat, the renowned Italian automaker recently announced its plans to launch of the Urban Cross in the Indian market. Belonging to the crossover segment, the Urban Cross is similar to the Punto in some aspects but is likely to sport a host of premium features along with a slightly steeper price tag.

      In terms of exterior aesthetics, the Urban Cross is going to sport a unique front grille, along with LED integrated head lamps and a remodeled bumper. The interiors of the vehicle have been designed in sporty hues and luxurious fabrics to lend a premium feel and will come fitted with several comfort enhancing features like multi-functional steering wheel, automatic climate control, touchscreen infotainment system, keyless entry, among plenty others.

      The Urban Cross will be powered by a 1.4-litre petrol engine, similar to the one on the Aventura Abarth. The engine delivers maximum power of 138bhp with peak torque of 210nm and comes mated to a 5-speed manual gearbox. Expected to retail in the premium category, the Urban Cross is likely be launched in the month of September and will be priced anywhere between Rs 8 lakh to Rs 10 lakh onwards.

      BankBazaar News About Insurance

      8th August 2016

    • Indian Banks to slash lending rates further

      The worldwide rating agency S&P anticipates a surge in loan requirements in the Indian market to come down (ranging from 11 to 13 percent by the end of this financial year). In the last few months, it was already slashed by 70 to 90 bps by most lenders in the country. But the report also skates over the sharp decline of credit growth in India, which shows poor business credit requests and glitches related to capital faced by government lenders due to less resource application and high level of control in some sectors.

      BankBazaar News About Insurance

      8th August 2016

    • Govt. Plans to Push Eco-Friendly Automobiles Through Incentives

      In the next three years, the Government of India plans to roll out over 50 lakh electric and hybrid vehicles that run on no emissions and are fuelled by renewable energy. This is a move directed at reducing emission levels in cities like Delhi which recently made it to the top of the list of the most polluted cities in the entire world.

      This move will be welcomed well by all and sundry as it is a very progressive and forward thinking move, and will be the first of many steps taken in the right direction – away from the burning of fossil fuels.

      Buyers will most likely be benefitted by government schemes and subsidies, as the Ministry of Road Transport and Highways is currently reviewing proposals to incentivise the purchase and sale of these automobiles.

      The government has finally heard the pleas of millions of Indians who are choking in over-polluted cities. The burning of fossil fuels has also caused the destruction of a lot of natural resources and the heat generated has been found to be responsible for missing / delayed rains in many parts of the country.

      This is a move that will also hopefully open the eyes of the public to the menace of purchasing fuel guzzlers, and the notion that owning a car is the symbol of success.

      Over 9,000 tonnes of fossil fuels will be saved if the country migrates to sustainable vehicles – saving a lot of money for the exchequer on importing fossil fuels – saving more money for developing the nation. The environment will benefit incredibly as well, as greenhouse gas emissions will be reduced by over 2 lakh million tonnes – which is huge by any scale.

      India currently stands at the cusp of being perceived as the most progressive or the most ignorant nation – and the proposal to incentivise or otherwise promote the purchase and sale of sustainable energy vehicles is the first step in the right direction.

      Car loans and car insurance policies will fly off the shelves when these cars are finally launched.

      BankBazaar News About Insurance

      4th August 2016

    • India Tops Charts for Global Traffic Accidents – Car Insurance and Two Wheeler Insurance is Important

      While it’s common knowledge that large insurance companies sponsor studies that report scary numbers in a way that will promote the sales of their insurance products, there’s no arguing with this one.

      India has been found to lead the world in the number of fatal road accidents as of 2016, according to a study conducted by the IFTRT.

      The number of people affected by road accident deaths is huge, and surviving family members of victims have only the solace of financial pay out from insurance companies. The insurance policies that pay out third party settlements also give the person behind the wheel a greater peace of mind, as no money will have to be directly paid out-of-pocket for any settlements.

      Most cases of vehicular death are ruled to be accidental in nature and the person operating the vehicle generally walks free of any legal ramifications or charges of vehicular manslaughter / murder / etc. With an active third party insurance policy, the process of claiming and finishing up court formalities gets a lot easier, as the insurer will conduct its own investigation – the results of which can be presented in court.

      Car insurance and bike insurance have never been more important or relevant than they are today.

      BankBazaar News About Insurance

      2nd August 2016

    • Roadside Assistance Gets Boost

      The number of cars on Indian roads has increased exponentially over the last few years, which, while making commute easier, has also led to an increase in the number of vehicle breakdowns. Roadside assistance is a key factor for most car owners, with most insurance companies offering this assistance. Availing these services, however, can be hard, with numerous procedures to be followed. All these hassles have led to the creation of a new genre of startups who cater exclusively to the needs of people who require on-road assistance. Some of the popular companies ensure that help can reach stranded individuals within 20 minutes, offering mechanical service to get them back on the road.

      According to data available, less than 5% of owners choose roadside assistance, instead putting their trust in local mechanics. Even those who buy new cars do not avail the additional package for roadside assistance which is generally offered by car manufacturers. A number of these new companies also provide assistance to bikes, charging a certain minimum amount for each case. The advent of these On-Demand roadside assistance companies could bode well for people, helping them find a quick solution to all their vehicle breakdown issues.

      BankBazaar News About Insurance

      1st August 2016

    • Premiums Towards General Insurance Pick up for June

      The month of June has been good for general insurance companies, with a 20.3% growth recorded by them on their gross premiums. The income from premiums stood at Rs. 8,522.22 crores, up from Rs. 7,082.57 crores for the same period last year. Private insurance companies registered a stronger growth compared to those in the public sector, with their premiums standing at Rs. 3,627.51 crore, a jump of around 30% over June last year. Public sector companies mopped by premiums worth Rs. 4,374.54 crore, a growth of under 14%.

      The motor insurance segment also saw a good performance, with premiums worth Rs. 11,452.64 crores collected overall, with the private sector accounting for around Rs. 6,100 crores and the public sectors accounting for around Rs. 5,300 crores. Additionally, premiums of health insurance companies also increased by around 30% during the same period.

      BankBazaar News About Insurance

      28th July 2016

    • Kia Motors to Establish Plant in India

      The lucrative Indian car market could soon have a new entrant, with South Korean car manufacturer Kia Motors Corp all set to build a plant in the country. Kia, which has a tie-up with Hyundai is keen to cash in on the market, with the two companies aiming to strengthen their position. While Hyundai is India’s second biggest automobile company in terms of sales, the alliance of Kia and Hyundai is ranked 5th globally. The factory, which is likely to be completed in 3 years will have a capacity of 3 lakh vehicles, which could be a huge global boost to the company.

      Internationally, the Kia-Hyundai alliance performed poorly in the last year, with sales falling below their annual target in 2015. Kia is currently scouting for a location for its plant, with three states, Maharashtra, Gujarat, and Andhra Pradesh being the frontrunners for this factory. In all likelihood, this plant will manufacture small cars, catering to the huge demand in the country.

      27th July 2016

    • In Tamil Nadu Third Party Motor Insurance is On The Rise

      There is a 17% increase seen in Tamil Nadu’s Motor third-party insurance premium. In 2015 the figures have shown Rs. 2,014 crore. In 2016 insurers are expecting a similar growth pattern due to Tamil Nadu’s growing economy.

      Over 43% of the state's total income comes from motor insurance. Insurers are not surprised by this figure since Chennai is called the 'Detroit of South Asia.'

      Car and two-wheeler sales are only expected to grow thanks to the higher disposable income, industrial growth in IT and automobiles as well as the thriving economy of the state. Higher sales in cars and two wheelers means higher insurance sales.

      25th July 2016

    • 12 New Launches Planned by Mercedes-Benz

      German luxury automobile manufacturer Mercedes-Benz is all set to showcase a new fleet of vehicles, with 12 new cars to be launched in the current year. The company which launched 12 cars last year is the preferred brand when it comes to luxury cars in India, beating competition from the likes of BMW and Audi. In a recent interview with Roland S Folger, the MD and CEO of Mercedes-Benz India stated that the brand will be launching 12 new cars, with the AMG SLC 43 expected to make a foray into the market soon. In addition to the launches, 10 new exclusive dealerships are also on the anvil, with two of them already functioning.

      The last year saw 15 launches by the company, with its stable now consisting of over 23 models. With over 13,500 cars sold, Mercedes-Benz witnessed a growth of 32% when compared to 2014. Overall expansion saw the number of dealerships increase to 84 showrooms, with an on-road assistance system present in 953 cities across India. The current year will see the company focus on SUVs, with the Mammoth GLC already available to buyers. Additionally, a new service oriented scheme, ‘My Mercedes – My Service’ was also thrown open, with the primary objective of it being to connect better with its customers.

      BankBazaar News About Insurance

      21st July 2016

    • More Touch Points to Be Allowed for Motor Insurance

      The Insurance Regulatory Authority of India (IRDAI) has allowed companies to introduce more touch points for motor insurance. Customers will be able to easily purchase motor insurance policies now. Going forward, agency norms might be relaxed to easily distribute motor third party insurance at pollution-check centres. The IRDAI has also encouraged companies to launch over-the-counter products for customers. According to the regulator, agents should also have opportunities to source motor insurance. Now, there will be no restriction placed on agencies to source motor insurance, if they have a tie-up with a manufacturer or motor dealer. Insurers will not be able to include any clause or agreement with any dealer or manufacturer following this.

      BankBazaar News About Insurance

      19th July 2016

    • Pay-As-You-Can service introduced by Mahindra Insurance Brokers (MIBL)

      Mahindra Insurance Brokers (MIBL) has launched the Pay-As-You-Can service to offer customers the flexibility of paying annual premiums according to their affordability. Currently, MIBL has signed a deal with Citrus Pay to offer short-term personal accident insurance using this model. This scheme is being offered from Religare Health Insurance. Customers can get this insurance scheme for a month against loyalty points to be used for shopping. The company is also planning to tie-up with other aggregators to offer short-term transit insurance, hospital cover and insurance cover for small and medium enterprises.

      BankBazaar News About Insurance

      14th July 2016

    • 3rd gen Jazz celebrates its 1st anniversary

      Honda Cars India recently celebrated the first anniversary of its extremely popular hatchback, the Jazz. The current 3rd generation variant of the Jazz has gone on to become one of the most preferred cars in the Indian market, with the company selling over 47,335 units in the last year. A bold, youthful design coupled with enhanced features have made the Jazz the natural choice for youngsters, with the car imbibing Honda’s latest technology.

      Available in both petrol and diesel, the Jazz was launched as a premium hatchback in July 2015. While the 1.5 litre diesel engine, i-DTEC was designed exclusively for the Indian market, Honda used an existing engine for its petrol variant. The company planned a series of events and promotions to mark this anniversary, offering exclusive offers and discounts to customers. The Jazz was one of the first hatchbacks to come with a paddle shift, with 1 in every 4 sold being a paddle shift. Available in 5 variants, the Jazz has offered the urban consumer a number of great options, helping them find a car which is perfectly suited for city roads.

      BankBazaar News About Insurance

      12th July 2016

    • Third party motor insurance to be sold at pollution check centres in Telangana

      The IRDAI has initiated motor third party insurance sales at certain pollution check centres in Telangana. The Insurance Regulatory and Development Authority of India has also asked State Governments to share motor vehicle data. After the initial phase in Telangana, the sale of motor third party insurance will be extended across all the states in the country. In India, own damage policies offer fixed cover for customers. Depending on the two-wheeler capacity, the premium for 75cc starts from Rs. 569, Rs. 796 for above 350 cc and for cars the premium ranges from Rs. 2055 for 1000 cc and Rs. 6164 for over 1500 cc.

      BankBazaar News About Insurance

      11th July 2016

    • Insurance Penetration Sees a Growth of 3.4% in 2016.

      As per the latest Swiss Re sigma report, insurance penetration has increased by 3.4% for the financial year, 2015-2016. In India, the total insurance premiums increased by 7.9% with contributions from non-life and life insurance premiums. This is mainly attributed to the Jan Suraksha insurance schemes. Insurance penetration relates to premiums as a percentage portion of the GDP. The Pradhan Mantri Jan Suraksha Yojana offers term insurance, pension benefits along with accident insurance under the Pradhan Mantri Suraksha Bima Yojana and the Pradhan Mantri Jeevan Jyoti Bima Yojana. Term insurance benefits are offered for Rs. 2 lakhs with a premium of Rs. 330 and a personal accident cover for Rs. 12 lakhs per annum. Non-life insurance premium saw an increase by 8.1%, higher than 2014. This growth can be attributed to health insurance premiums, personal accident and The survey said that non-life premiums growth also picked-up, growing by 8.1%, compared to a growth of 2.2% in 2014. Growth was led by stronger health (including personal accident (PA)) and motor third party liability premiums.

      BankBazaar News About Insurance

      1st July 2016

    • Insurance Repositories Might Register Slow Business During Digitisation

      All the five registered insurance repositories are expecting to see slow business when policy digitisation happens in October. This will be due to insurance companies not having tie-ups with these repositories to issue e-policies. The insurance has fiver registered repositories, namely, SHCIL Projects, Karvy Insurance Repository, NSDL Database Management, Central Insurance Repository and CAMS Repository Service. The Insurance Regulatory and Development Authority of India (IRDAI) has issued a notice saying that from October 1st, electronic insurance was mandatory for life insurance policies amounting to Rs.10,000 or above. Business is expected to increase once a lot of policies have been digitised. Car insurance policies will be issued in the digital format, regardless of the premium amount.

      BankBazaar News About Insurance

      30th June 2016

    • If Driver Is Not At Fault, Mishap Claim Cannot Be Denied

      According to the new ruling by the district consumer court insurance companies cannot deny claims for damages if the driver is not at fault (driver of the insured vehicle). A cost of Rs 5,000 has been imposed by the consumer court on New India Assurance Company. The company has been asked to reimburse a city-based lawyer Rs 40,897.

      27th June 2016

    • Honda Car India is Expected to Launch 3 New Products in India 2016

      Honda Car India has been very happy with how Honda BR-V SUV was received in the market. City and Amaze sedans have also been very successful. The company is planning to launch three more new products this year in order to increase it’s market share. There will also be at least one facelift version in the year 2016 – 17.

      24th June 2016

    • A Big Digital Push is Planned for The Year by United India

      A big digital push is planned for the year by United India Insurance Company (UIIC), a public sector general insurer. The company is aiming to increase its profit to more than two times of what it is now. From ₹221 crore, the company is trying for about ₹500 crore.

      The company is looking into increase its bottom line by increasing online sales mainly. However, they are also looking at end-to-end offerings as well. Everything from claims settlement and grievance redress to sales will be facilitated online.

      BankBazaar News About Insurance

      22nd June 2016

    • Hyundai offering discounts of up to INR 91,000 for Grand i10 as the company celebrates its 20th anniversary in India

      Its Hyundai India’s 20th anniversary in the country and as part of the celebrations the company is offering massive discounts for the Hyundai Grand i10. The car’s petrol version buyers will benefit for up to Rs. 83,000. This means extended three year warranty worth Rs. 3,415, Rs. 22,585 under insurance, Rs. 30,000 as exchange bonus, Rs. 10,000 as cash discounts, Rs. 7,000 under Government employ scheme and Rs. 10,000 as loyalty bonus.

      The diesel version of the Grand i10 will benefit from incentives which are worth up to Rs. 91,000. This amount includes Rs. 8,316 for three year extended warranty, Rs. 25,684 for insurance, Rs. 10,000 as cash discounts, Rs. 30,000 as Exchange bonus, Rs. 10,000 as loyalty bonus and Rs. 7,000 special benefits for government employees.

      BankBazaar News About Insurance

      17th June 2016

    • E-Commerce Proposal From IRDAI Will Increment Online Insurance Sales.

      General insurance companies across the country welcomed IRDAI’s proposal to sell and service policies using the online platform. Insurers are of the opinion that this would help increase overall sales of all types of insurance products. A draft of the proposal was issued by the Insurance Regulatory and Development Authority of India (IRDAI), where the e-commerce platform would be used for selling products. The IRDAI also suggested the launch of an Insurance Self-Network Platform. The online process would help customers procure policies without a physical signature process.

      BankBazaar News About Insurance

      16th June 2016

    • Henceforth, Car Insurance Claims to Be Processed Directly to Claimant

      Insurance beneficiaries usually have to wait ages before they actually get to hold and use their insurance pay out. Right from the start of the insurance claiming process, the beneficiary has to run around and jump through hoops to have his / her case heard, and investigated by the insurer – who almost always finds a way to distance itself from paying the claim on some grounds or the other, irrespective of the need of the insured / dependants of the insured.

      In the rare cases that the insurer cannot find a way to avoid the payment, the insured / dependants have to wait for the “claim process” to be settled, after which the sum promised is deposited with the court. At this stage, the claimant must file an application and wait for the court to respond to that application before the money is actually disbursed.

      Lok Adalats hearing motor / car accident cases where insurance pay out becomes mandatory are being directed by the TNSLSA (Tamil Nadu State Legal Services Authority) to process and deposit compensation amounts straight to the claimant’s account, and not deposit the same in court.

      BankBazaar News About Insurance

      14th June 2016

    • Nissan Hopes to Be Third Time Lucky with Redi-GO

      The booming Indian automobile sector has attracted the attention of global manufacturers, each trying to grab a piece of this lucrative sector. Nissan Motor Co. revived its Datsun brand to make a foray into the small car market, having launched three vehicles under this banner since its resurrection in 2012. While the response on previous occasions was sluggish, the company hopes that the new redi-GO will help revive its fortunes.

      Nissan has launched an aggressive marketing campaign to create awareness about the new product, hoping to reach a wider segment of the population this time. Additionally, the company has also tied up with MyTVS to provide aftersales service, in addition to its own service network. Nissan hopes that the competitive pricing and attractive aftersales package will dispel apprehensions about the Datsun brand, helping the company finally solidify its position in the market.

      BankBazaar News About Insurance

      13th June 2016

    • New car discounts in India for second week of June

      Following is a list of great deals that new car showrooms are giving currently. Discounts and exchange bonuses will be different across cities and depends on the dealer as well. Better deals can be availed if you can haggle well.

      Audi A3: Get of a cash discount of Rs 3.5 lakh.

      BMW 3 Series: Avail a cash discount of Rs 4 lakh.

      Hyundai Eon: Free first year insurance on both the petrol and LPG versions of the Eon is being offered. Also an exchange bonus of Rs 10,000 as well as a free third year extended warranty.

      Maruti Suzuki Alto 800: Avail a cash discount of Rs 15,000 and an exchange bonus of Rs 20,000. Recently, the Alto 800 had a facelift, thus the company is offering an exchange bonus of Rs 20,000 and a cash discount of Rs 30,000 on the remaining stocks of the pre-facelift version.

      BankBazaar News About Insurance

      10th June 2016

    • Common Service Centers Are Improving Insurance Penetration

      A distribution center for the government and a low-cost set up called CSC has been especially designed to provide e-governance services to Indian rural population. A noble initiative by a substantial number of digitally adept and trained people has led to the formation of common service centers (CSC) or Jan Seva Kendras in villages of rural India. Primarily the young and also teenagers have enrolled as Rural Authorised Persons (RAP) to seek business.

      Insurance Regulatory and Development Authority of India (Irdai) has specified a training program and exams for these individuals who wish to enrol themselves for the program. The subjects entails insurance products and other relevant topics. RAPs online exams is held by the National Institute of Electronics and Information Technology or other approved institutes by Irdai. This happens from time to time and the centers spread across India.

      BankBazaar News About Insurance

      9th June 2016

    • ICICI Lombard General Insurance Forms Tie-Up with BMW India Financial Services

      In a move to offer comprehensive car insurance policies to the BMW owners, ICICI Lombard General Insurance has formed a tie-up with BMW India Financial Services. BMW India Financial Services offers complete automotive solutions to meet financial requirements of their customers. Realizing the importance of a comprehensive motor insurance cover in the face of an unforeseen event, the company has partnered with the leading general insurance provider to enhance customer experience. ICICI Lombard assures quick claim processing within attractive TATs (Turn Around Time).

      BankBazaar News About Insurance

      6th June 2016

    • Traffic Police vs. Street Racers – Harsher Penalties Introduced

      In an attempt to curb the rising menace of youngsters in fast cars, a group of state transport ministers have approved the addition of a section in the Motor Vehicles Act.

      The new section states that violators of traffic laws and offenders on the road indulging in street racing, rash driving, drunken driving, jumping signals, etc. will have to attend refresher training. This panel has also expressed its motive to immediately withdraw portrayals of rash / inconsiderate / fast / drunken driving on television and mass media in the form of advertisements, movies, etc. (which do not have a statutory warning).

      Fines and punishments for offences are as follows:

      For drunken driving / street racing / rash driving / using mobile phone while driving / jumping traffic signals / dangerous driving:

      1. First time offenders: Fine of Rs.5,000 or 6 months in jail.

      2. Subsequent offences by the same offender: Fine of Rs.10,000 or 2 years in jail.

      3. Offenders who do not take crash victims to healthcare facilities: Fine of Rs.2,000 or 6 months in jail.

      Driving without Motor insurance:

      1. First time offenders: Fine of Rs.2,000 or 3 months in jail.

      2. Subsequent offences by the same offender: Fine of Rs.4,000 or 3 months in jail.

      Body builders, dealers, individuals who interfere with the damage control, construction, maintenance of vehicles will be fined between Rs.50,000 and Rs.1,00,000 depending on the severity of the offence. Spare parts dealers trading unauthorized parts will also be fined and penalized for unofficial tampering.

      BankBazaar News About Insurance

      24th May 2016

    • Value-Added Services and Assistance Provided by Insurers

      Being in the insurance companies is extremely competitive, especially since many insurance companies are not only offering standard insurance products but are going the extra mile to please their customers. Companies are now offering facilities like doctors for second opinion, concierge services, gift delivery and day-to-day repair assistance for the home. What’s more, there are communities which share information about products so customers can compare their services.

      Reliance General Insurance is an example of such an insurance company. It has been offering roadside assistance services for motor insurance, but now also offers specialized services to the home insurance customers. With this kind of service, the company expects that they will be the first port of call. They have taken steps towards a full-service by tying up with concierge services, electricians, people who will do tax filing etc.

      BankBazaar News About Insurance

      23rd May 2016

    • Providing Employment to Dependents of Deceased Policyholders Cannot be Used as Grounds to Deny the Insurance Claim

      Recently in Thane there was a case reported of a school teacher that died in a traffic accident, and the school provided the deceased’s wife with a job on compassionate grounds.

      The insurance company and the driver of the vehicle in question were ordered by the court to pay out a settlement to the deceased person’s family, but contested that they need not pay as they had provided the dependent with a job.

      The court ruled that merely providing a job on compassionate grounds cannot be used as a reason to avoid honoring the insurance pay out under the Motor Vehicles Act.

      A reputed insurance company has come under fire before for avoiding insurance benefit payment to grieving dependents of their policyholders who meet with unfortunate accidents. In this ruling, the judge ruled that Rs.12,00,000 must be invested in the name of the deceased’s minor daughter, Rs.2,00,000 should be invested for and Rs.6,00,000 given to his mother, and Rs.10,00,000 should be invested in an FD for his widow, and the balance amount should also be paid to the widow.

      This claim was filed in 2011, and the case is being resolved 5 years later now in 2016. Insurance companies are under increasing pressure by the public and ethics groups to provide resolutions and process payments faster to insured parties.

      BankBazaar News About Insurance

      20th May 2016

    • FY 2016-17 May Show Increased Combined Ratios for Motor / General insurance

      The private car and two-wheeler segment of motor insurance third-party premiums went up by 10% – 40% from the 1st of April this year, but once the heavy losses in the motor segment are taken into account, the rate hike is seen to be proportionally higher than was seen before.

      Motor cars under 1,500 CC saw rates rise by 40%, but higher engine capacity cars saw rates rise by only around 25%.

      Two-wheeler up to 150 CC can expect to see rises of around 10% - 15%, and higher engine capacity two-wheelers (150 to 350 CC) will see a rise of 25%.

      The total incurred claims for non-life insurers was around Rs.49,179 crore in FY 2013-14, and Rs.55,232 crore in FY 2014-15. In FY 2015 incurred claims showed a rise of 12.31%.

      Health insurance saw a claims ratio in the same time period of 96.83%.

      Motor insurance, in the same time period, saw a claims ratio of 77.14%.

      BankBazaar News About Insurance

      19th May 2016

    • Driver less Cars Will Affect Motor Insurance Industry

      Recent studies have indicated that the motor insurance industry is set to lose almost $20 billion worth of premiums by 2020 if driverless cars become more accepted in markets worldwide. According to a study published by Volvo, while crashes are set to decline by up to 80% by 2035, the motor insurance industry will see plummeting premiums and loss in revenue. The shaving off of premium collections for insurers could have been more were it not for the fact that emerging nations like India and China are leading the motor insurance market and will become largest motor insurance markets by volume by 2025.

      BankBazaar News About Insurance

      16th May 2016

    • Kochi MVD Cracking Down on Unregistered Heavy Vehicles

      The Motor Vehicles Department in Kochi has discovered that many construction vehicles are being used without being registered.

      The law states that all vehicles need to be registered within a maximum of 3 months from the date of purchase, and the MVD is now realizing that a lot of vehicles have slipped by and are being used without being registered.

      The cost for registration is set at 8% of the cost of the vehicle being registered.

      In the coming weeks, the MVD in Kochi plans to conduct a huge drive to check construction and other heavy vehicles to see whether they have been registered or whether they are skirting the law and using their vehicles illegally.

      Vehicles must also mandatory have insurance coverage from any registered vehicle insurance provider.

      Not having registered a construction vehicle and not being under any kind of insurance cover recently landed the owner of a road-roller a hefty Rs.1,45,000 fine – as the vehicle hadn’t been registered for 3 years after being bought.

      Car insurance companies will see a huge influx of customers if and when the government decides to run a check on whether private vehicles have all been registered. For now, however, a lot of construction companies that are running their vehicular equipment without registration and insurance will have a lot to answer for if discovered.

      BankBazaar News About Insurance

      13th May 2016

    • No New Diesel Taxis in Delhi, Old Ones to Be Phased Out

      The Supreme Court has ruled in favor of the proposal to ban taxis that run on diesel fuel in the national capital.

      Existing diesel taxis that have an all-India travel permit will be allowed to continue to operate until their permits expire. There will be no renewal of permits, or registration of new diesel taxis.

      The Delhi Government and Center were forced to appeal the blanket-ban on diesel taxis following protests and agitation by many parties who were affected by the ruling.

      Car insurance companies are scrambling to review, modify, and create new products that better suit the insurance needs of a large number of vehicle buyers who now only have petrol or electric options.

      A gradual phasing out of the existing diesel taxis and total ban on the registration of new ones seems to be the ideal way to appease environmentalists, taxi drivers, unions, and the general public.

      This has been a landmark victory not only in the effort to reduce air pollution in the NCR, but also to set the precedent for future bans on services that have a larger carbon footprint than necessary.

      BankBazaar News About Insurance

      12th May 2016

    • Italy Presents The Answer To Diesel To CNG Conversion

      There are enough cars out there with the option of petrol and CNG but none that offer the CNG option for diesel cars but now there may be. The technology, to make this conversion work, has been brought in from Italy but it is facing two major hurdles. The first is that implementation cannot take place without the government's permission and the second is that the system itself is quite expensive to install since a complete overhaul of the engine is a part of the process. The problem is that if the government decides to permit this change, it will also have to change the act that governs registration of vehicles since it currently says that only one fuel can be used in a particular car. If the technology is implemented, diesel vehicles will be able to run on CNG, albeit, a bit slow.

      10th May 2016

    • Survey Finds That More People Are Now Purchasing Motor Insurance Online

      A survey conducted by ICICI Lombard General Insurance and Google India has found that more people are now purchasing non-life insurance products like Motor Insurance online. 3007 people, aged 25 – 55, were surveyed offline in 18 cities. The survey found that 24% of people were purchasing Motor insurance policies online.

      The sector director of Google India, Vikas Agnihotri, said that the Internet will play a very important part in the sale of insurance policies in India in the coming years. The survey also found that consumers search for insurance related information both on mobile devices and desktops. It further suggests that people across age groups were willing to purchase motor and other non-life insurance products online.

      BankBazaar News About Insurance

      16th May 2016

    • Cashless Car Insurance For Road Accident Victims

      In an experimental venture, the Indian Ministry of Road Transport & Highways has joined hands with country’s renowned insurance carriers, IFFCO Tokio General and ICICI Lombard General, to deliver cashless automobile insurance coverage to victims of road accidents (including third parties). Part of their service includes providing prompt ambulance services to get the victims to the nearest hospitals as well. The premium will be given out by the ministry. The claim sum is kept at a tentative INR 30 grand. ICICI Lombard is the insurance provider assigned for the Jaipur-Delhi route and IFFCO Tokio General does the same for mishaps occurring on the Vadodara-Mumbai highway. The policy protects over victims of any highways stretching for 150-200 kms.

      07th October 2015

    • Cashless Treatment Scheme Proposed by Indian Government, for Crash Victims

      In order to provide emergency medical care to crash victims, the Indian government has proposed the introduction of a cashless treatment facility. This scheme would be applicable on areas such as the Golden Quadrilateral, East-West corridor and the North-South corridor, which covers around 13,500 km of national highways. An estimate of Rs. 250 crore has been considered as the initial funding that would be required in order to make this scheme possible, and the funding options are to come from road tax and also from car/motor insurance.

      09th August 2015

    • ICICI Lombard General Insurance Requests Hike in Third Party Motor Insurance

      Non-life insurance companies like ICICI Lombard General Insurance are dissatisfied with the hike proposed by the IRDA and through the General Insurance Council, they have requested for a higher premium rate for third party motor insurance offered by them. The proposed road transport bill would be affected by the change since the claims for policies issued in 2015-16 would come two years later by which time the proposed bill is expected to be in place. According to the managing director and CEO of ICICI Lombard General Insurance - Bhargav Dasgupta, the claims paid out do not reflect long term losses since claims are continuously paid over the years at varying frequency.

      29th March 2015

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