New car registrations may come to a screeching halt in Tamil Nadu
IANS 01 September 2021
Registration of new cars may come to a screeching halt on Wednesday in Tamil Nadu with the state Transport Department directing Regional Transport Officers (RTO) and others to ensure the vehicles are covered under bumper-to-bumper insurance for five years.
The Transport Department has also directed the vehicle registering authorities to ensure that the owner, driver, and the passengers are also covered under accident insurance.
It issued the directive to comply with the recent Madras High Court order.
Is there any such policy is the moot question?
Non-insurance industry officials told IANS that none of the insurers have a five year bumper-to-bumper insurance policy for cars and two-wheelers.
Such a product has to be designed after doing actuarial calculations.
"The IRDAI (Insurance Regulatory and Development Authority of India) has to approve such a product first. There is no five-year bumper-to-bumper car vehicle insurance policy," Federation of Automobile Dealers Associations (FADA) CEO Saharsh Damani told IANS.
The Madras High Court made bumper-to-bumper insurance cover compulsory for all new private cars sold from September 1.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
3 weeks ago
Are any serious actuarial calculations being done for group medical policies which are routinely renewed at known loss making rates?
3 weeks ago
Seems another ivory tower decision of the court..
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