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Violation of traffic rules may require higher insurance premium of vehicle

Monday - September 9, 2019 11:58 am , Category : WTN SPECIAL
There may be changes in the insurance premium policy of vehicles
There may be changes in the insurance premium policy of vehicles

Modi government ready to tighten traffic rules to restraint road accidents!

SEP 09 (WTN) - As you are aware that the penalty for violation of traffic rules has been increased considerably since the new Motor Vehicle Act came into force in the country. It is clear that after the implementation of the new Motor Vehicle Act, it is no longer in danger of those who override traffic rules.

By the way, if you think that the Modi government will stop its mission to force the people to follow the traffic rules and create awareness to the traffic rules, then your thinking is wrong. In fact, the Modi government is soon going to strengthen the traffic rules even more, so that accidents due to violation of traffic rules can be minimized.

In fact now whenever a driver violates traffic rules, then some points will be added to his account. You may be wondering what harm these points can cause to the driver? So for your information, let you know that these points linked in the account of the driver will decide how expensive the insurance premium of the vehicle will be.

For your information, let you know that India is among the top countries in the world in deaths due to road accidents. In order to reduce the number of road accidents and deaths due to this, the Modi government has increased the amount of fine for violation of traffic rules.

In order to create awareness among people about compliance with traffic rules and to create fear over violations, the insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has been instructed by the Modi government to set up a team to formulate new rules.

For your information, let you know that the workforce constituted by the Modi government includes officers from Delhi Traffic Police, IRDA, Insurance Information Bureau of India and many companies from the private sector. Members of this workforce will discuss in two months after consultation what will be the method of linking traffic rules violations to the insurance premium of the vehicle.

In this, the nine-member working committee of IRDA will find ways to link motor insurance premiums with traffic violations and make its recommendations. At the same time, the working committee will also find out how the motor insurance premium can be linked to the violation of traffic rules.

As you know, currently the insurance premium of a motor vehicle in the country depends on the type of motor vehicle and its engine capacity. According to the current rules; if the owner of the vehicle has not made an insurance claim in the previous year, he gets some discount on the premium next time.

But now it may be that the amount of insurance premium of the vehicle will depend on how many times the driver has violated the rules. The more times a driver violates traffic rules, the more points will be added to his account. On the basis of these points, the insurance premium of the vehicle will be determined next year.

This means that if this new rule comes into force, then it is the dual shock to the drivers who violate the traffic rules. One, they will now have to pay more penalty than before for violating the traffic rules, while the insurance premium of their vehicle will also be increased if the traffic rules are violated.