Motor insurance will now provide an accidental cover of 15 lakh rupees.
In case of an accident, the death of the vehicle owner or the driver or the person is fully divested, his family will get this amount. Insurance regulator IRDA (IRDA) issued instructions to all insurance companies on Thursday.
According to the new rules, for the insurance of the vehicle, a premium of Rs 750 will be given. There will be all kinds of vehicle cover in it. All auto owners will be required to take this option at the time of insurance.Companies may want to cover more than 15 lakhs, with more premium from vehicle owners. So far there was a premium of Rs 50 for two-wheelers and Rs 100 for four-wheeler insurance.
IRDA has issued new instructions after the decision of the Madras High Court in October 2017. The court ordered the IRDA to increase the personal accident cover from Rs 1 lakh to at least Rs 15 lakh.Ministry of Road Transport has ordered insurance companies to share information of every insured vehicle. This will facilitate the identification of such vehicle owners who have not provided insurance to the car.
Recently, the Supreme Court ordered to auction the vehicles involved in the accident, which are not insured or the insurance renewal is not done. If there are accidents from such vehicles, the vehicle will be compensated by selling the vehicle.
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