Bike Reviews

Customers get freedom to decide on auto insurance coverage firm | Autocar India

Written by Mohite Singh

Printed On Sep 13, 2017 12:07:00 PM

IRDA permits all insurance coverage corporations to promote automobile insurance coverage at dealerships with out tying up; insurance coverage corporations free to determine greater seller fee.

The Insurance coverage Regulatory and Growth Authority India (IRDAI) has allowed all normal insurance coverage corporations to promote their automobile insurance coverage coverage to customers throughout all auto dealership networks with out tying up. They insurance coverage corporations have been given freedom to set differential pricing in addition to determine greater seller fee.

This transfer will permit customers to have a wider number of insurance coverage corporations to select from and examine premiums. Whereas it’ll create a contest among the many insurers to supply aggressive premiums, it’ll give freedom to the buyer whose alternative was earlier restricted to the corporate which had unique tie-up with the seller.

The IRDAI round launched on August 31, 2017, recognised the vital position performed by auto seller community in distributing and renewing automobile insurance coverage insurance policies. The announcement additionally allowed for insurance coverage corporations to pay greater fee to the seller for his or her companies.

Automobile sellers adhering to the rules can look to extend income by promoting insurance policies to their clients in addition to customers who’ve purchased automobile from different sellers as nicely. 

 

About the author

Mohite Singh