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Thursday, 29 November 2018

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Taxi sale in country has been affected due to delay in insurance cover by IRDA

Taxi sale in country has been affected due to delay in insurance cover by IRDA




The automobile industry is now facing many challenges. Due to new road ministry notifications, the taxis in the country have reached the brink of closure.

Insurance Regulatory Development Authority of India (IRDA) has not yet provided the price point of three-year third-party insurance cover for passenger vehicles used as taxis. Due to this, Regional Transport Offices (RTO) have stopped registration of taxis.

Many industry executives have said that in last two weeks, the sale of taxis in Delhi, Maharashtra and Madhya Pradesh has ceased as the RTO has refused to register taxis after the circular of the Road Ministry (12 November 2018). In this circular, three year-old third-party insurance cover has been made mandatory for transport-seekers as well as for non-transport vehicles.

Executives said that in the next few days the sale and registration of taxis will be closed in the entire country as the IRDA has not yet said anything about the price point of the insurance product.

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