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.
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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.
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#Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc
*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.