Prof K Nageshwar: Traffic Violation Premium In Vehicle Insurance (Video)

, Traffic Violation Premium In Vehicle Insurance A working group constituted by the insurance regulator to study the scope of linking motor insurance premium with traffic violations has recommended adding traffic violation premium in every motor insurance policy in addition to motor own damage, basic third party, additional third party, and compulsory personal accident premium. It will float over own damage and third party sections of motor insurance and can be attached to any section of motor insurance cover being purchased. This will ensure, regardless of any insurance cover a motor owner wants to buy, he/she will be subjected to Traffic Violation Premium, unless he/she already has in force a motor insurance policy wherein traffic violation premium has already been paid, the working group said. They go on to say that whenever a person approaches a general insurer for any type of motor insurance, he/she will be assessed for their traffic violations and the traffic violation premium they need to pay. And, the premium has to be paid by the owner of the vehicle, thereby taking full responsibility of the traffic violations irrespective of the driver of the vehicle. https://www.business-standard.com/article/pf/irdai-working-group-proposes-traffic-violation-premium-in-motor-insurance-121011801304_1.html