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Car Insurance Premium set to change from August 2020. IRDAI Revised Rules

Car Insurance Premium set to change from August 2020. IRDAI Revised Rules

IRDAI set to do major changes to Car Insurance from August 2020 post which your Car Insurance Premium will come down. Changes in Car Insurance

 

Car Insurance Premium to Change from August 2020 - IRDAI Guidelines

IRDAI (Insurance Regulatory Development Authority of India) set to modify in Long Term Car Insurance Plan from August 2020

As per present provisions, consumer has to have choose in atleast 1 Plans at time of taking Car Delivery

  • 3 Year Third Party Coverage Policy - Plan A
  • 1 Year Own Damage and 3 Year 3rd Party Coverage - Plan B
  • 3 Year Own Damage and 3 Year 3rd Party Coverage - Plan C

with optional add on policy covers for 1 Year to 3 Year in Plan B and Plan C.

Effectively known as Long Term Insurance Plan (Plan C) for 3 Year OD and 3 Year TP Plan, which is what going to be scrapped from 1st August 2020.

Been consumers were finding in high Policy Premium at time of buying Car with Potential NCB issues - this plan going to be scrapped from 1st August 2020

Effectively it means that Consumer can choose in either of

  • 3 Year Third Party Coverage Policy - Plan A
  • 1 Year Own Damage and 3 Year 3rd Party Coverage - Plan B

with additional optional policy covers for 1 Year in Plan B as what consumer seek to take like Zero Depreciation, Engine Protection Cover etc

At MyCarHelpline, you can Calculate Car Insurance Premium in seconds to find out Comprehensive and Zero Depreciation Premium - Calculate Car Insurance Premium Online

 

Below are Depreciation Slabs in Car Insurance
Depreciation in Car Insurance

So, from 1st August 2020 - with Long term plan scrapped, expect Car Insurance Premium to be competitive.

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Important: If you seek advise or recommendation, pls raise query in Car Forum instead of posting in comments

 

Comments 2

Guest - Hari Lal on Monday, 27 July 2020 19:16

Hello sir i am great fan of your channel
This is my 1st time car buy I am having some doubts I have bought venue sx turbo 17 July 2020
Can I ask dealer to replace Stephney wheel with alloy wheels now .
Dealer insisted insurance from them only giving no option.
Can I cancel insurance now and I want to make online for less price. Kindly help

Hello sir i am great fan of your channel This is my 1st time car buy I am having some doubts I have bought venue sx turbo 17 July 2020 Can I ask dealer to replace Stephney wheel with alloy wheels now . Dealer insisted insurance from them only giving no option. Can I cancel insurance now and I want to make online for less price. Kindly help
Guest - kamal on Sunday, 02 August 2020 09:19

hi hari lal,
yes u can buy insurance from online.. dealer can't force you for that. for wheel exchange..he will exchange and differential amount you have to pay him.

hi hari lal, yes u can buy insurance from online.. dealer can't force you for that. for wheel exchange..he will exchange and differential amount you have to pay him.
Guest
Sunday, 09 August 2020

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