IRDAI releases discussion paper to link traffic violations to motor insurance premium

If you think you can get away with a traffic violation with just some fine then you may be in for a surprise. The insurance regulator has said that breaking signals, over-speeding, driving without a valid insurance policy or licence may force you to shell out some extra money when you are applying to renew your motor insurance policy.

The Insurance Regulatory and Development Authority of India (IRDAI) has released a discussion paper suggesting linking of traffic violations to motor insurance premium. This additional traffic violation premium will be deducted when you go to renew your own damage or third party insurance policy.