Motor insurance - the hike in motor Third Party insurance premium.

After a steep hike in premiums for third-party liability for 2017-18, the insurance regulator has now lowered the rates following protest by a section of truckers against the move to substantially hike insurance rates .truckers in the south went on a strike for about 10 days from April 1 and also held discussions with the regulator seeking the reduction in rates.

While there will be no increase in premium for private cars with engine capacities below 1,000 cc, for those above 1000 cc it will cost 28% more now. The hike for two-wheelers would be 16-28% and for commercial vehicles carrying goods, it will up to 28%.

The hike in motor TP insurance premium works out to about 28% now for cars in 1000-1500 cc and those exceeding 1500 cc. IRDAI had proposed a 40% hike in the rates earlier. Same holds true for the two wheelers in the 150-350 cc as well as those exceeding 350 cc.

There is however no change in the hike in rates for two wheelers in the 75-150 cc category, which stands at 16.3%. Motor third party insurance premium for small cars (up to 1000 cc) will continue to remain at Rs 2,055.

Are you finding difficulty in getting motor insurance ? Do you want motor insurance ? Is it important ?... 

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IRDAI notified the revised premium for motor TP liability insurance cover for 2017-18 on Monday.

The regulator revises premium rates every year after taking into account the number of claims made and loss ratio for insurers. 

Irdai has reduced third-party premium rates for most truck categories in the second circular. For goods (exceeding 40,000 kg) carrying vehicles and public carriers it has been reduced to 33,024 from 36,120 notified on March 28. However, the rate has been increased 28% as compared to last year. It has also reduced rates for e-rickshaw and passenger carrying vehicles in its second circular.

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Mandatory cover

Considering the mandatory nature of third-party insurance, Irdai has asked insurers to ensure that third-party insurance is made available at their underwriting offices and through all available channels of distribution. Insurers cannot cancel the current insurance policies and issue fresh policies to effect the new premium rates. Motor insurance comprises own-damage and third-party #insurance and any vehicle that plies on the road will mandatorily need a third-party cover under the Motor Vehicles Act. Third-party liability is decided and awarded by the judiciary taking into account the age of deceased, earning capacity, wages, etc.

Smart money management tips For Young couples

If you have started dating each other and planning for marriage, then now is the best time for Discussion and plan for your Finances. Because in the future it will be the biggest challenge in managing money with your spouse or partner. If you don’t agree on money basics, like budgeting, spending, and saving, that can cause serious problems in your relationship. But don’t worry—if you’re fighting about money or don’t think you can ever see eye-to-eye, there are ways to settle your differences.

Below are the some tips for young couples for dealing money Together.

Know Your Money Personality

Understanding your “money personality” is the key to ending conflicts about finances in your relationship for good. Your money personality is the distinct way that you think about and handle money.

The Saver – Likes to pinch pennies, hates parting with money, and thinks everything is overpriced. This type likes to research purchases and rarely spends impulsively. Savers are organized and trustworthy with money.

The Spender – Loves to buy for themselves and perhaps for other people as well and gets a thrill from making a purchase, even if it’s something inexpensive at a thrift store. Spenders live in the moment, buy on impulse, and don’t differentiate between wants and needs.

The Risk Taker – Gets excited about possibilities and is willing to lose money for the potential financial return of an investment or business opportunity. This personality type thinks conceptually and doesn’t get hung up on the details. Risk-takers can be impatient and make decisions without consulting others.

Talk about your shared goals as often as possible.

Speaking of shared goals, it’s vital that you’re on the same page with regards to what goals you have and how your income is working toward those goals. If you’re not working on the same goals, then you’re going to be literally working against each other in terms of your use of money and time, which will hold you both back from what you want to achieve.

For example, let’s say one of you is focused on retirement savings, while the other person is all excited about saving for international travel. If you’re both simultaneously pulling from the same pool of money for this, neither one of you is going to reach your goal with any speed.

The best approach is to sit down together and figure out goals that you share, then figure out a plan to work toward those goals. It might not be an easy process. You might not even know for sure what goals are most important to you. That’s also going to be part of the conversation.

PLAN FOR RETIREMENT

Retirement Planning in India is not an easy job at all. Rising inflation numbers, slowing economy growth, love for Gold and of course too many financial products do not make life easy for any individual planning for retirement. Mis-selling of financial products by banks and other financial institutions has only doubled the customer’s confusion. . Seek financial advice From India’s best financial Advisor Moneymindz.com and have a personalized financial plan for FREE. we are not a seller of any financial products. We only provide FREE financial advice so that you are not mis-guided while buying any kind of financial products.

Never think its too early to plan for retirement. It is important to save and not sacrifice your retirement savings. Never compromise retirement fund for your child’s education needs. Thus, it is crucial to have a separate saving for each of your goals. This way you can meet all your goals with ease, without any sacrifices In a Free time, sit with your spouse and discuss money matters be it small or big. Have a well-planned budget to build your wealth together and have a long happy married life!