Third-party motor insurance premium to go up by 30%
Insurance premiums might rise by nine to 30% across
categories in cars, 2 wheelers and commercial vehicles, with the Insurance
Regulatory and Development Authority of India (IRDAI) proposing a revision in
motor third-party premiums.
For cars, with engine capacity not exceeding
1,000 cc, the rise proposed is 30%. For those exceeding 1,000 cc, it is 25%.
For two-wheelers, there would be a rise of 10 to 15% for
vehicles up to 350cc, while a 10% drop has been proposed for vehicles exceeding
350cc.
Third-party motor premium is regulated by IRDAI and
revised yearly, based on inflation and claims. This type of insurance is
mandatory for all motor vehicles on Indian roads and covers the owner from
third-party liability arising out of accidents or damage.
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