As per a recent indication by the Insurance Regulatory and Development Authority of India (IRDAI), the insurance premiums of two-wheelers and four-wheelers may soon come down. All thanks to the latest indication by IRDAI which states that starting from the financial year 2020-21, it may discontinue the regular practice of fixing the annual premium for third party (TP) insurance for motor vehicles. As of now, it is the IRDAI which decides and fixes the premium for third party insurance cover that remains same across all insurers. With IRDAI discontinuing the practice, it will certainly make way for insurance companies to quote their own premiums at discounted rates in order to attract more and more customers.
