Third-party motor cover costlier by 10-20%

Apr 04 2014, 12:17 IST
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SummaryThe insurance regulator has increased the mandatory third-party motor insurance premium rate for private cars by 20% and for two-wheelers by 10%.

Irda estimates that the insurance premium represents less than 1% of transporters' operating costs.

The regulator has said that insurers cannot cancel current insurance

policies and issue fresh ones with new premium rates. They also have to ensure that motor third-party insurance is made available at their underwriting offices, applications are processed and policies issued promptly.

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