Mumbai, Maharashtra, India: Zurich
Kotak General Insurance, an insurer highlights the impact of traffic violations
on your car insurance rates. India’s growing initiative on road safety
has led to strict traffic laws and hefty fines for violations. However, few
drivers realize the long-term impact of traffic violations on their car
insurance rates.aim
Impact on India’s roads
Annually, over 150,000 fatalities are witnessed, making
road safety a major concern. To cope up with this trend, the government has
implemented strict laws including increased fines and penalties for traffic
violations.
Common traffic violations and their fines
Here are some common traffic violations and their
impact in India:
·
Over-speeding: Up to Rs. 1,000 – Rs. 5,000
is fined for over-speeding on the road.
·
Drunk driving: A hefty fine of Rs. 10,000
is charged and/or imprisonment of up to 6 months. If the offence is repeated
within a year, the fine can rise to Rs. 15,000 along with imprisonment of up to
2 years.
·
Red-light jumping: Up to Rs. 5,000 – Rs.
10,000 is fined for jumping red-light.
·
Driving without license: Individuals
driving without license need to pay Rs. 5,000 and/or need to serve the
imprisonment of up to 3 months.
While these fines and penalties focus to promote road
safety, they also have a major impact on car insurance rates.
How does traffic violation in India impact
car insurance rates?
A traffic violation in India can significantly increase
the insurance premiums, higher deductible rates, loss of No Claim Bonus (NCB)[MK1] [VC2]
The final note
Indian drivers must prioritize road safety and follow
the traffic rules strictly to avoid any financial consequences in the future.
Drivers’s can maintain a clean driving record and ensure affordable premium
coverage by understanding the impact of traffic violations and taking proactive
steps.
About Zurich Kotak General Insurance
Company (India) Limited (Formerly known as Kotak Mahindra General Insurance
Company Limited)
Zurich Kotak
General Insurance Company (India) Limited is a 70:30 joint
venture between Zurich Insurance Group and Kotak Mahindra Bank. The Company got
its new name ‘’Zurich Kotak General Insurance Company (India) Limited’’ in the
month of August 2024, following Zurich Insurance Group’s 70% acquisition in
Kotak Mahindra General Insurance Company Limited. It is the youngest and one of
the fastest growing non-life insurance franchises in India.
Kotak
General Insurance was established in 2015 to service the growing non-life
insurance segment in India. The company aims to cater to a wide range of
customer segments & geographies offering an array of non-life insurance
products like Motor, Health, Home etc. As a practice, the company seeks to
provide a differentiated value proposition through customized products and
services leveraging state of art technology and digital infrastructure.