Vehicle Insurance: The central government can make changes in the new Motor Vehicle Act. In which it will be very important to insure the vehicle. If the car or bike is not insured, it may be difficult to get petrol-diesel and fastag. The insurance industry has given a proposal to the government in this regard. On which the government is discussing
In India, there are many discussions about pollution certificate and motor vehicle insurance in vehicles. Similarly, these days there is a lot of discussion about vehicle insurance. It is being said that the government is preparing to make a big change in the Motor Vehicle Act. If this happens, then there may be problems in filling petrol and diesel in vehicles. At the same time, getting Fastag will also become difficult. Actually, the government is making a change in the Motor Vehicle Act. In this, it is very important for all vehicles to have insurance. According to a report, there are many such vehicles which are still running on the road without insurance.
Let us tell you that the insurance industry has presented a proposal to the central government. In which it has been said that vehicles without insurance should not be allowed to fill oil at oil pumps. The government is discussing this proposal. Under the Motor Vehicles Act 1988, third-party insurance is mandatory for all vehicles. This insurance is to compensate for the loss caused to a third party in an accident.
Driving without third party insurance is an offence
According to media reports, the ministry is deliberating on the proposal of the insurance industry. The rules may change soon. Vehicle insurance will also be added to this. After this, instructions will be given to the state governments and union territories to strictly follow these rules. At the same time, recently the Parliamentary Standing Committee also gave suggestions to the government to increase third-party insurance coverage.
The committee has recommended promoting data integration and e-challan. Along with this, the need for data reporting to the states has also been stated to monitor vehicle registration and insurance coverage. According to IRDAI, out of about 35-40 crore vehicles running on Indian roads in the year 2024, only 50 percent have third-party insurance. Under the Motor Vehicle Act, driving a vehicle without third party insurance comes under the category of crime.
Loss has been happening for the last few years
The insurance industry says that if the government introduces this proposal, then insurance will be done immediately. According to a statistic, the insurance size in the motor vehicle segment is currently more than Rs 80,000 crore. The insurance industry has seen a decline of more than 80 per cent in the last few years.
