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Auto unions at war with IRDA over new insurance rate
The decision of Insurance Regulatory and Development Authority of India (IRDA) to affect minimum decrease in the third party insurance premium for their category of vehicles does not seem to go well with the auto owners. Auto unions and the transporters have been on a warpath against the IRDA for the excessive increase in the premium of even the third party insurance.
Hyderabad: The decision of Insurance Regulatory and Development Authority of India (IRDA) to affect minimum decrease in the third party insurance premium for their category of vehicles does not seem to go well with the auto owners. Auto unions and the transporters have been on a warpath against the IRDA for the excessive increase in the premium of even the third party insurance. The auto drivers across the State had participated in a bandh on April 8 demanding the rollback of the premium.
The members of All India Motor Transport Congress (AIMTC) also staged a dharna in front of the IRDA office demanding withdrawal of enhancement of third party insurance fee. According to auto union leaders, during March, the rates of the third party insurance for autos were Rs 4,750. Later, the insurance companies decided to enhance the rates and fixed Rs 6,692 effective from April. With the insurance premium amount going up by threefold in the recent years, auto unions said it was difficult for them to manage such a huge amount.
Telangana Auto Unions JAC leader A Sathi Reddy said the IRDA issued order decreasing the rates on April 17 specifying the new rates. As per the new notification, the autos needed to pay Rs 6,108, which is Rs 500 less than the earlier. He said, “We demanded the IRDA to decrease the rates when it was Rs 4,750 and instead of decreasing the rates, the IRDA issued orders increasing the rates to over Rs 6,000 and later decided to waive off just Rs 500,” said Sathi Reddy.
The JAC leader said it was difficult for the auto drivers to manage such a huge amount since their earnings were not sufficient to even meet their basic needs. The union leaders alleged that because of the increase in fares, many of the auto drives were not going for insurance and also fitness certificates. The RTA officials seek insurance papers for autos coming to fitness and to avoid the insurance, the auto drivers do not go to the RTA office for fitness. According to the RTA officials, almost 50 per cent of the autos do not have valid fitness certificate
