A recent accident case in Chennai has forced the insurance industry to look at Motor insurance from a different vantage point. The case in question involves a tanker lorry hitting a man, leaving him 45% disable. The victim has demanded compensation however; the tanker lorry's insurance company has refused to settle the claim as the vehicle's insurance had expired.
Since this is not the only case, where vehicle owners have not complied with the mandatory motor insurance, the Madras High Court has asked a series of questions to the Union and State government regarding the structure of motor insurance.
Currently, vehicle owners avail motor insurance for a year and then are supposed to renew it. Many vehicle owners fail to renew their insurance in time and thus accidents occurred during that period cannot fetch a claim from the insurance companies. A lifetime cover for motor insurance can solve this conundrum to an extent
"It should be everybody's endeavor to prevent accidents, ply vehicles with relevant insurance coverage and to see that the accident claim awards are paid in time, without any problems, to the victims," said Justice N Kirubakaran.