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ICICI Lombard Expert Blog
 

Insurers Seek Time Limit of One Year for Motor Third Party Claim Filing

November 18 2016
Motor Third Party Claim

General insurance companies have asked the ministry of road transport and highways to set-up a time limit of one year for filing claims under motor third party policies. Presently, there is no such time limit for submission of claims and the victim can make a claim after any number of years.

Addressing the issue, Bhargav Dasgupta, MD & CEO, ICICI Lombard General Insurance expressed concern over the rise in number of claims made after 3-5 years. As an industry, insurers have sought out a time limit for filing such claims, he further added.

The current norms of the motor vehicles act have neither a limit on the liability of the insurer nor a limit on the time to submit a claim. Consequently, the victim can claim after any number of years and if not compensated, he/she can approach the court.

A revised version of the road transport and safety bill has a proposal for fixed compensation but there is no mention of the time limit in the proposal. Presently, no vehicle can ply on Indian roads without a third party insurance and with recent revision penalty for driving without insurance has been increased manifold.

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