Consumers across India can now hope to see the real benefits of lower pricing of motor and other insurance policies from January 2008. That is because the Insurance Regulatory and Development Authority, or Irda, has advanced the deadline for detariffing, reports CNBC-TV18.

General insurance companies will be able to customise your car, home, health and personal accident policies based on your needs starting January next year. This would be in the second phase of the detarrifing process; the first phase allowed insurers the freedom to decide the pricing of their products, while the terms and conditions of all the policies remained the same.

The price war that started after the first phase of detarrifing saw premiums slashed by over 60% for all general insurance products.

Tighter net for car fraud

And now web users have a new ally: the Vehicle Safe Trading Advisory Group (VSTAG), an industry forum to combat motor-related fraud.VSTAG includes the Finance and Leasing Authority, Metropolitan Police, eBay Motors and other vehicle adve­rtisers. It aims to protect both buyers and sellers. The partnership collects and shares information on suspected fraudsters to make online and print adverts safer. "We urge caution when engaging in the buying and selling of vehicles, particularly private sales," said VSTAG chair Adrian Black.The group’s new guide advises buyers to protect themselves with a history check to ensure the car is not stolen or an insurance write-off.To verify the car is genuine, doc­uments should be studied closely and compared with the vehicle identification number (VIN).

Direct Insurance enters the banking arena with car loans

The Direct Insurance Company will begin competing with the banks in the retail credit business: The company announced yesterday that it would offer loans for purchasing automobiles.

The loans will be offered to anyone, whether a client of the company or not, for purchasing either new cars or used cars no older than 1999 models. The loans will be for up to NIS 120,000, with repayment in up to 60 monthly installments.

Women choosing 'wrong footwear'

Women's car insurance customers are risking having to make claims by wearing the wrong footwear, according to the results of a new survey.The Safes Shoes report, compiled on behalf of insurer Sheilas' Wheels, revealed that 70 per cent of Welsh female motorists wear the wrong kind of shoes when behind the wheel.Two thirds of those quizzed admitted to driving while wearing heels, while almost a third said they regularly wore flip-flops to drive.Dianne Ferreira, spokeswoman for road safety charity Brake, was surprised so many drivers were increasing their risk of an accident and having to claim on their women's car insurance by prioritising fashion over safety."High heels, platforms and flip-flops can seriously hamper your ability to drive safely, and could have fatal consequences. It only takes a few seconds to change your shoes before each journey to help ensure you arrive safely," she said.Last month, an expert witness told a court in Essex that a woman driver's high heels had probably been a contributory factor in her losing control of her car during a fatal accident.Kwik-Fit Insurance provides its female customers with £150 personal belongings cover as part of their women's car insurance policy.© Adfero Ltd
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