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BRACE FOR INCREASE IN TPL PREMIUMS FOR MOTOR VEHICLES - AGAIN IN APR'16

Discussion in 'Insurance & Loan Reviews' started by ghodlur, Feb 14, 2014.

  1. ghodlur

    ghodlur Esperto

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    Come April 2014 , vehicle owners will feel the pinch in their pockets with the proposed Third Party Liability premium to be increased if IRDA has its way. The increase is going to be a whopping 137% for entry level cars i.e less than 1000cc, the category to be worst hit. For 1000-1500cc catergory the proposed increase would be 48% where as for vehicles in more than 1500cc category the increase is seen to be around 23%. Even the bikers arent spared with the increase proposed to be around 50% for bikes in the 100-150cc. The overall increase in the premium is going to be around 23% on average.

    This will mean the rise in the basic TPL premium for 1.2, 1.3MJD, 1.4 cc engines will be from the current Rs 1100 to approximately Rs1650/-. The overall TPL is expected to go upto Rs 2000/-

    Unlike OD which is not mandatory TPL is a mandatory premium to be taken for any vehicle. The only deterrent to this proposed increase is the general elections which may prevent the measure to be taken to avoid being an unpopulist step.

    http://timesofindia.indiatimes.com/b...w/30300266.cms
    1 person likes this.
  2. Anup

    Anup Regolare

    Messages:
    303
    Bangalore
    Bangalore
    Grande Punto 1.3
    :thumbs down

    Only Private vehicle car owners are the sufferers and the most nuisance accident creatures ( Autos, Local Private Buses, Lorries/Goods Carriers and Local Taxis ) wouldn't care less as many of them don't even own an insurance.</SPAN>

    God Help us to survive in this Country...... :-?
    1 person likes this.
  3. ghodlur

    ghodlur Esperto

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    Finally the proposed steep hike in the TPL rates for Fiat vehicles seems to be slightly reduced. Earlier the TPL rates were proposed to be increased to Rs 1664, now as per IRDA, the hike is upto Rs 1332 only from the existing Rs 1110. An increase of Rs 222.;)

    Just renewed the Insurance for my Honda Activa with the old TPL rates before 1st April 2014 and the difference betwen last years and this year's Insurance premium is a complete Rs 5. Thanks to IRDA. :mad:
    1 person likes this.
  4. asimpleson

    asimpleson Esperto

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    3,000
    Heptanesia
    Linea 1.3
    Thanks for the info Girish,

    Your tips, news and analysis on Insurance and related issues is a great value addition to the forum.

    Great Job Mate..!
    1 person likes this.
  5. ghodlur

    ghodlur Esperto

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    For benefit of the forum, attached the hike details in a gist.

    TPL rates for 2014.jpg
    1 person likes this.
  6. pabhishek

    pabhishek Esperto

    Messages:
    1,380
    Oslo
    Pune
    Linea T-Jet
    I recently paid some 1100-1200 rupees to renew TPI for my 15 yrs old 800 and I am about to pay 1300 rupees this month for my 11 year old MPFI Indica.

    Both the premiums are 100-200 Rs more than what I paid last year.
    Wasn't the premiums are suppose to go down as the car gets older and older(At least this was what i thought). Well, nevermind !! ::pP
    Last edited: Apr 3, 2014
  7. ghodlur

    ghodlur Esperto

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    The OD premium amount goes down as the car ages but the Third party liability keeps increasing.
  8. ghodlur

    ghodlur Esperto

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    2,319
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    Damn!!.

    Its not been an year or so since the last hike in Third party Liability premiums, there is a proposal to hike it again in April 2015:mad:. Not just limited to 2 wheeler and 4 wheelers, even the commercial segment vehicles will be forced to cough up extra TPL premium. The hike is going to be steeper than last year in the range of 20-25% as compared to the hike of 9-20% last year i.e 2014:eek:. For commercial vehicles it is expected to be even more steeper in the range of 55%. This is being done to offset the losses incurred by Insurance companies for the TPL claims.

    I guess any benefits being derived from the NCB would be offset by the increased TPL premiums. :(:(


    http://www.business-standard.com/art...0700355_1.html

    The interesting part is this:wtf::

  9. asimpleson

    asimpleson Esperto

    Messages:
    3,000
    Heptanesia
    Linea 1.3
    @ghodlur, like in the west they even base it on the age of driver and colour of car. For example one person told me he was in high risk category for owning a sports car, that too with red colour and age was 25yrs. The maximum premium applied therefore.. :D
  10. ghodlur

    ghodlur Esperto

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    May be. Red colour symbolizes aggressiveness, hence the categorization. Logically a person buying a Red sports car should be bale to afford higher premiums. Therefore worldwide, white & silver are the most preffered colours as they represent calm behaviour. This though cant be said for the Indian conditions. Here irrespective of colour of the car people drive, they drive with more aggression and less patience.

    Lesser premium for women drivers. Hmmm. That's some food for thought since I have encountered many a such women drivers who drive more recklessly than the male counterparts.
    varunrtr and asimpleson like this.

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