What vehicle owners can do to maximise their no-claim bonus: Experts answer

With motor insurance premiums set to rise, opting for a voluntary deductible will reduce costs

The Insurance Regulatory and Development Authority of India recently proposed new rates for motor insurance third-party (TP) premiums. The hikes could range between 2 per cent and 16 per cent across vehicle categories. After receiving feedback from the industry, the regulator will announce the final rates (perhaps with a few modifications), which will become applicable from April 1.

Motor insurance policies have two components — TP and own damage (OD). TP cover has to be mandatorily purchased by every vehicle owner. Its premium gets revised every year.

Explaining why the TP cover premium rates get revised every year, Shanai Ghosh,