Good news for car owners. Having increased the third party (TP) motor vehicle insurance rates for the last few years, the Insurance Regulatory and Development Authority of India (IRDAI) has decided to keep the TP rates for cars mostly unchanged for the financial year 2018-19, while the rates have been reduced in some cases. The new rates are applicable from April 1, 2018.
“The third party rates have been reduced for the smaller cars like Alto, Kwid etc by 10% and have been kept unchanged for the mid-segment and high-end cars. This is a good news for car owners as there was a gradual increase in the TP rates for all car segments for last 4-5 years, especially high-end cars & SUVs,” says Animesh Das, Head-Product Strategy, ACKO.
