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IRDAI has increased the motor third party insurance premium across vehicle segments.
The hike has come after a gap of two years as IRDAI did not revise the motor third party insurance rates due to the pandemic.
Every year, the insurance regulator revises premium rates taking into account the number of claims made and loss ratios for insurers. Third party motor insurance is mandatory in India.
Here is the ready reckoner that can you help you find out the current third-party motor insurance premium across vehicle segments:
IRDAI clarified that general insurers can offer discount of up to Rs.7.5% on hybrid electric vehicles. Also, they can offer discount of up to 50% on vintage cars.
