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IRDA slashes 3rd party vehicle premium from 150% to 70%

IRDA slashes 3rd party vehicle premium from 150% to 70%
PTI
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First Published: Mon, Jan 29 2007. 04 16 PM IST
Updated: Mon, Jan 29 2007. 04 16 PM IST
Mumbai: Insurance Regulatory and Development Authority (Irda) has reduced third party premium on all categories of vehicles, including goods carriers, from 150% to 70%, with retrospective effect from 1 January 2007, a transporters’ body said.
The vehicle owners who have paid 150% premium can take refund of 80% from the respective insurance companies, the Maharashtra Heavy Goods Vehicles Owners’ Association (MHGOVA) said in a release here.
“The third party premium rates were hiked on 1 January 2007, these rates were very high for goods and other commercial vehicles,” MHGVOA’s honorary general secretary Mohinder Singh Ghura said. The All India Motor Transport Congress (AIMTC) had called for a nationwide transport strike from 20 January to demand reduction the insurance premium rates. “Finally, the intervention of finance ministry officials led to a successful negotiation between AIMTC and IRDA to bring down the rates by 80%,” said Ghura.
Even the vehicle owners who have taken comprehensive policy are entitled for refunds on premium already paid, as they have paid excess third party premium, the release said. PTI
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First Published: Mon, Jan 29 2007. 04 16 PM IST