The Insurance Regulatory and Development Authority (IRDAI) has announced for increase in Motor Third Party Liability Premium
The Premium will increase for the luxury cars and Bikes Probably. In Truck segment the premium price will increase 10 to 20%. Insurer say the Motor insurance portfolio is not profitable for them due to rush driving, poor roads,signal broken issues in INDIA.
Insurer say we are collecting the 100 rs. and we are spending the multiple of 10 or 20 times of claims.
IRDAI proposed rates for Motor Vehicles Insurance: