The Insurance Regulatory and Development Authority (IRDAI) is making some changes in the motor insurance space. Recently, after the new regulation brought by the insurance regulator, everyone is required to buy a motor insurance policy. IRDAI may soon add motor insurance premiums to traffic violations. The regulator has constituted a working group to examine and recommend linking the two. According to an order issued by IRDAI earlier this week, insurance companies will have to start a pilot project in the National Capital Region (NCT), Delhi to implement the premium increase formula.
The working group must submit its report within two months of IRDAI’s order. With this interlinking, drivers who violate traffic rules may have to face a double whammy as the penalty for violation of traffic rules has already been increased due to the Motor Vehicles Act amendment.
1 In this news, we are giving 4 ways to reduce the burden of insurance premium …Online Policy Shopping: There are many platforms online which not only tell about various car insurance products, but you can choose the best insurance among them. You buy the policy only when you have a good knowledge about the product.
2 According to experts, take a policy that can provide adequate coverage. So knowing the product well, one can buy the policy online from the insurer’s website.No-Claim Bonus (NCB): Most policyholders should be aware that if they do not make small claims for minor accidents in a year under the policy, the insurance companies reward them with a No Claim Bonus (NCB). She gives. While the company differs from the no-claim bonus company.
3 You can reduce the burden of your insurance premium by driving safely and not making minor claims.Policy lapses: Pay your insurance premium on time and protect your policy from lapses. The insurance company investigates the vehicle in case of missed policy renewal deadline. Sometimes insurers charge higher premiums in this investigation. To avoid this, you should pay your premium on time.
4 Add-ons: Policyholders should know that an add-on with a general insurance cover can help you in the event of a crisis and at the same time protect you from paying higher insurance premiums. Popular add-on engine protection etc. help policy holders avoid paying high premiums in the long run.