Attaining break even is the aim of New India Assurance which is why they are insisting on hiking the premium rates for motor insurance.
Third Party Insurance, as the name suggests, necessarily covers for all the losses suffered by the third party, but the insured vehicle itself doesn't get any protection from the insurance. Such kind of insurance is pronounced among goods transporting companies and with two-wheeler owners, because it is quite economical as compared to comprehensive insurance.
According to the regulator, an increment in the range of 25-137 per cent is good enough to achieve break-even in this segment. New India Assurance backs up IRDA by recommending raise of atleast 50 per cent, again to realize break even.
You may also like to Read: Third party Liability Car Insurance Online |
Goods-carrying vehicles and the commercial vehicle industry experienced downfall in the past two years. Because of which, the industry reported losses amounting to thousands of crores. Company's exact share in the third party business has been about 10 per cent.
Regarding the third party motor insurance segment, the company (New India Assurance) is keen on recovering their losses due to it.
Car Insurance
Plans start at
₹2,094*
Compare & Save
Up to 85%*
on Car Insurance
22 Mar 2023
When an unanticipated road accident occurs, filing a car insurance20 Mar 2023
A car's ownership is usually transferred if the car is sold to a16 Mar 2023
Due to their diverse benefits such as lower fuel economy and low15 Mar 2023
With an aim to phase out unfit and polluting vehicles, the28 Feb 2023
Though rare, car insurance cancellations are pretty much evidentInsurance
*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.
Policybazaar Insurance Brokers Private Limited CIN: U74999HR2014PTC053454 Registered Office - Plot No.119, Sector - 44, Gurgaon - 122001, Haryana Tel no. : 0124-4218302 Email ID: enquiry@policybazaar.com
Policybazaar is registered as a Direct Broker | Registration No. 742, Registration Code No. IRDA/ DB 797/ 19, Valid till 09/06/2024, License category- Direct Broker (Life & General)
Visitors are hereby informed that their information submitted on the website may be shared with insurers.Product information is authentic and solely based on the information received from the insurers.
© Copyright 2008-2023 policybazaar.com. All Rights Reserved.