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Car insurance gets expensive: Buy comprehensive cover despite rise in premium

If Irdai approves proposed revision in 3rd-party premium, insurance on cars could rise by 15-20%

Priya Nair  |  Mumbai 

Vehicle owners will have to shell out more for motor insurance premium from April 1, when the revised tariffs for third-party motor premium come into effect. Earlier this month, the Insurance Regulatory and Development Authority of India (Irdai) released the draft guidelines for revision of third-party premiums for 2017-18. In some categories, the proposed hike is as much as 50 per cent.   The motor insurance segment is loss-making for all the insurers. “There are millions of vehicles on the road without third-party insurance. Our proposed hike in the draft guideline is to ...

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First Published: Tue, March 14 2017. 11:10 IST
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