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Explained: How jumping a red light could affect your motor insurance premium
The higher and graver the number of violations, the higher the premium. So, customers will end up paying anywhere between Rs 100-750 for two-wheelers and Rs 300-1,500 for four-wheelers/commercial vehicles as an additional premium. The new system is first proposed to be tried out on a trial basis in the National Capital Territory of Delhi region.
Car insurance
To ensure that errant vehicle owners who break traffic rules often are penalised, a panel set up by the insurance regulator has proposed a new ‘traffic violation premium’ that will be added to the motor insurance product.
Poor Driving Can Increase Your Insurance Premium, IRDAI Suggests Traffic Violation Premium
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A working group set up by regulator IRDAI has suggested introduction of Traffic Violation Premium in addition to own damage and third party and other types of motor insurance premium. The group has recommended inserting a fifth section to motor insurance called Traffic Violation Premium in addition to motor own damage insurance, basic third party insurance, additional third party insurance and compulsory personal accident premium. This section will float over both Own Damage and Third Party sections of Motor insurance and can be attached to any section of motor insurance cover being purchased, chiefly, Own Damage or Third Party insurance, said the exposure draft issued by Insurance Regulatory and Development Authority of India (IRDAI). IRDAI has invited inputs of all stakeholders on the recommendations till February 1, 2021.