Mr. R. Raghavan, CEO, Insurance Information Bureau (IIB), said 55% of automobiles (7 crore vehicles) running on the Indian roads do not possess mandatory third-party motor insurance. Failure to enroll for third-party motor insurance has led to brutal consequences for victims and insurers. This campaign hopes to educate people on motor insurance.
He further commented, “India ranks among the top 5 countries on the globe with highest number of road accidents and thus, it is critical that vehicle owners should have a motor insurance. We have successfully launched our first phase of enlightenment and soon will launch the campaign full steam across India. We expect our campaign to help 7 crore vehicles plying on Indian routes to get affordable motor insurance. Cyberabad has been chosen as the first place for launch in view of the proactive approach and high technology adoption of the police here.”
The IIB has compiled a list of uninsured vehicles with the assistance from the Hyderabad transport department and will soon share the list with Cyberabad Police, who will take strict action against defaulters. Lack of third-party motor insurance will attract a penalty of Rs 1,000 or 3 months rigorous imprisonment or both, as per the Motor Vehicles Act.
Source: This news was published on April 29, 2015 in thehindubusinessline.com under the title: IRDA launches motor insurance awareness campaign
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