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Organisations offer suggestions to set an upper limit for 3rd person insurance claims!
Posted on: 24/Dec/2019 12:22:47 PM
Suggestions were given by the General Insurance Council regarding the 3rd person claims made on insurance coverage after 4-wheeler accidents:
- The upper limit for the 3rd person damage claims after car/vehicle accidents given by the general insurance companies should be fixed at Rs. 10 Lakhs.
- A special ‘Additional insurance claim road Transport; fund must be created.
As per the Motor Vehicles Act 2019, the upper limit for the 3rd person damage insurance claims and the basic premium amount both have to be fixed. This Act emphasises that the issue must be decided after due discussion/consolations with the Insurance Regulatory Authority.
Presently, there is no upper limit on the insurance amount claimed for 3rd party damage during 4-wheeler accidents. Currently, the amount recommended by the tribunals or courts on this issue. However, this has turned out to be an excessive burden for the insurance companies!
Hence, the general Insurance Council has put up the demand that:
- The latest suggestion offered is that the upper limit for 3rd party insurance claims in 4-wheeler accidents should be set at Rs. 10 Lakhs.
- T the balance amount, if required, should be paid from the Highway Transport Fund.
The central ministry of national highways department has been reviewing the suggestion that an additional levy must be proposed on petrol and diesel and a fund must be set up through this revenue to be availed for the above 3rd person insurance claims during 4-wheeler accidents!
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