ICICI Lombard to hike diesel vehicles’ insurance premium

June 27th, 2011 - 10:12 pm ICT by IANS  

Kolkata, June 27 (IANS) ICICI Lombard, a major private sector player in general insurance, will increase policy premium on diesel vehicles over petrol vehicles by up to 15 percent, a company official said Monday.

“Diesel cars are mostly used for commercial purposes. Exposure to risk is higher for these vehicles. Premiums on diesel vehicles will be increased up to 15 percent over the petrol ones,” Amitabh Jain, vice president, customer service motor, ICICI Lombard, told reporters here.

The company will create a database to revise premium amounts in motor insurance.

“We have become conscious. Data have to be captured and analysed. To reach to that detailing, it will take time. We are working on creating a database for the demographic behaviour and fuel type of the vehicle,” Jain added.

On the committee formed for the amendment of Motor Vehicles Act regarding the third-party liability, Sanjay Datta, head-customer service, ICICI Lombard, said that the insurer was optimistic that the motor vehicle third-party liability limit would be capped at Rs.10 lakh as at present it was unlimited.

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