Vehicle owners in metros like Mumbai, Delhi, Chennai and Kolkata will see a 15 percent hike in their existing premium for car insurances than other cities and regions in India as the motor insurance firms feel that the risk is much more in these cities. For instance one of the aftermaths of Chennai floods were insurance claims worth more than INR 1500 crores.
Mr. Vijaya Kumar, head of Bajaj Allianz General Insurance said that risks of calamities like floods is more rampant in cities due to poor urban planning. They have taken different structures like topography and fuel type, into consideration while putting a price on various auto insurance schemes. Chennai floods have brought about record claims owing to damage to vehicles which is more than twice the loss companies faced in 2006 (Mumbai Floods). But the CEO and MD of Chola MS Insurance Company, Mr. S S Gopalaratnam, said only flood-related policy rates need to be revised. IRDA, the insurance ombudsmen of the country has already requested the motor insurance carriers to publicize particulars of their branches and special assistance camps set up.
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