Chennai, Jan. 19 -- Fined for parking in the no-parking area a couple of times? Be ready to pay an increased insurance premium for the traffic violation.
But don't ask how parking in no-parking area would increase the accident rate and the claims outgo for the insurers.
A Working Group set up by the Insurance Regulatory and Development Authority of India (IRDAI) submitted its report on Monday, recommending linking of motor insurance premium to various traffic violations that ranges from parking in no-parking areas to drunken driving.
As per the report, the motor insurance premium will be increased if the vehicle had been charged by traffic police for violating the traffic laws.
The report recommends a system of calculating Traffic Viola...