Truck Owners Begin Indefinite Strike to Protest 50% Hike in Insurance Premium

Truck owners began an indefinite strike from Saturday to protest mainly against the proposed 50% hike in the third party insurance premium, amid apprehensions that the protest could lead to supply disruption and raise commodity prices in the coming days.

In a bid to resolve the stand-off, the strikers will meet Insurance Regulatory and Development Authority of India (IRDAI) Chairman on Monday, and take a decision on whether to continue with the agitation based on the discussions with the regulator.

"One of the reasons for going on strike is the drastic 50% increase in the third party premium charged for trucks by the insurers. We have a meeting with the IRDAI Chairman on Monday at Hyderabad," said P.V. Subramani, Vice President, All India Motor Transport Congress-South Zone.

The third party premium for automobiles is decided by IRDAI while all other premium rates are decided by the insurers - private and government-owned. Fleet owners normally go only for third party policies and take care of the damages to vehicles on their own.