thirdparty insurance in the standalone od policy it can also become easier for them to offer standalone od policies on prorata basis where if one opts to buy one with a thirdparty policy cover after few months or so3 your driving habits will determine policy premiumthe regulator has asked the insurance information bureau of india iibi to form and manage a central repository of telematics data where data from various sources can flow to create a common poolwhat it means for you with the help of telematics you will not have to a pay huge premium based on the insured declared value idv of the vehicle the engine capacity geographical zone car make and model rather it will be based on your driving habits you may soon get an option to customise the cover during a policy tenure and pay the premium accordingly said sajja praveen chowdary head motor insurance policybazaar the technology will also help in roadside assistance and vehicle tracking4 standardised grid for nonclaim bonus ncbirdai has recommended a standardised ncb grid for longterm motor insurance policies what it means for you currently for longterm policies every insurer has defined its own ncb slabs which is a daunting task for a customer when heshe wants to move from one insurer to another to avail ncb benefitgoal said long term motor policy is mandatory only for third party premium whereas ncb is applied only on the own damage premium so the ncb process remains the same and should not affect the customers in case of bundled long term insurance products you will get the benefit of ncb as od cover is issued for an annual term however if you go for a longerterm comprehensive policy in that case you will lose out on ncb those who have an annual policy the ncb on renewal ranges from 2050 percent for them5 surrender registration certificate to get theft claimthe regulator has recommended that in all cases of total loss constructive total loss claims and theft claims the registration certificate rc of the vehicle shall be cancelled and the claim shall be settled only after the insured surrenders such cancelled rc the policy shall be cancelled without return of premiumwhat it means for you chowdary said that this when seen in conjunction with the new motor vehicle act rulesfines will ensure that fraudstersracketeers will find it difficult to operate on stolen vehicles he said it eradicates the possibility of stolen vehicles finding a place back on the roads to an extent as a result this will help reduce losses for insurers and in the long run will see the benefit come back to customers in the form of lower premiums read alsohow insuretechs are winning the motor insurance spacesix ways your motor insurance policy is set to change heres how it could affect you 6 compulsory deductibles will now be standard deductiblesirdai has not only recommended to change the name of compulsory deductibles to standard deductibles but also has recommended that there