So much needs to be done to make the insurance business more credible. For starters, IRDA needs to set up a fund to protect its policyholders. Insurance companies should take responsibility and settle claims for their customers promptly.

Car insurance has never been cheap, and it is certainly needed, but the increases that have happened lately are bordering on the absurd. On average, in the past year along – the insurance rates have increased by about 40%. New & young car owners have to suffer even worse than the rest of people. Young driver rates prices increased by more than half this year. Everyone seems to have felt the impact of these insurance increases. There’s quite a few 23 year olds with good records that are not getting the rates that they deserve due to these increases.