Third party insurance cover is set to increase for various categories of motor vehicles, including by a steep 40 per cent for private cars in the 1000-1500 cc segment.
Every year, the Insurance Regulatory and Development Authority of India (IRDA) revises premium rates, taking into account the number of claims made and loss ratios for insurers. Motor third-party insurance is mandatory for all vehicles plying on Indian roads and covers liability arising from third-party claims due to accidents. – See more