After three years, the premium for third-party motor insurance is set to rise as the ministry of road transport and highways in consultation with Insurance Regulatory and Development Authority of India (Irdai) has issued a draft notification for the revision of rates. For private cars with engine capacity up to 1,000 cc, the proposed premium for mandatory third-party liability insurance will increase from Rs 2,072 to Rs 2,094. For those exceeding 1000 cc but less than 1500 cc, the premium will rise from Rs 3,221 to Rs 3,416. For private cars above 1,500 cc, the premium will go up from Rs 7,890 to Rs 7,897.
