Motor insurance rule change: No arbitrary claim rejection, quicker claim settlement, pay as you drive option must, says IRDAI
Published by Economic Times
Abhishek Kumar's role: Quoted
Abhishek Kumar, founder of SahajMoney, explained that retail policies can now be cancelled only for established fraud with seven days' notice, not for misrepresentation or non-disclosure as before, and that compulsory motor cover can now be cancelled for total loss as well as double insurance.
More of Abhishek's views on insurance
Economic Times explains the motor insurance changes in IRDAI's master circular for general insurance, released on 11 June 2024. It covers the bar on rejecting claims for want of documents, timelines for surveys and claim decisions, pay-as-you-drive cover offered as a first choice, narrower grounds for cancelling a policy, IDV disclosure and the customer information sheet. The article includes comments from Abhishek Kumar.
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Motor insurance rule change: No arbitrary claim rejection, quicker claim settlement, pay as you drive option must, says IRDAI