BOCI writes to IRDAI for extension of vehicle insurance validity

BOCI operators run 17 lakh buses and account for 30 crore passenger trips. Its members also operate 1.1 million cars which are used for intercity travel.

PTI

July 06, 2020 / 17:03 IST

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Private passenger transport operators' body Bus & Car Operators Confederation of India (BOCI) has written to insurance regulator IRDAI, requesting extension of vehicle insurance validity.

BOCI operators run 17 lakh buses and account for 30 crore passenger trips. Its members also operate 1.1 million cars which are used for intercity travel.

"We urge Insurance Regulatory and Development Authority of India (IRDAI) and the government to extend vehicle insurance validity equal to number of lockdown days from the date of expiry without additional premium and no increase in annual premium for next one year," BOCI President Prasanna Patwardhan was quoted as saying in a release.

He said operators are under pressure from multiple sides -- fuel price hikes, reduced capacity due to social distancing norms, loan EMIs, taxes and insurance premiums, among others.

"The ongoing financial burden with no revenue in the past quarter has pushed us on the brink of collapse," Patwardhan said.

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