Motor Third-party Insurance Premiums

Govt may raise motor third-party insurance premiums by up to 10% soon

The hike, likely to take effect by October 2025 or April 2026, aims to ease pressure on insurers facing rising claims, especially from commercial vehicles and pandemic-era payouts

We should just go for unified licences; must open up distribution: Singhel

Human memory is very short. The demand for health insurance is still fine, we still have a double digit growth, Tapan Singhel said

Motor TP premium hike crucial for survival: New India Assurance CMD

New India Assurance CMD Girija Subramanian says motor third-party premium hike is urgent to ensure business viability as incurred claims hit 108.2 per cent in FY25

Motor third-party premium rates to be revised after two years

The ministry of road transport and highways released a draft notification for revising the motor third party premium rates for the financial year 2023

'Bumper-to-bumper' insurance: HC order to make cars costly, say experts

If the order is implemented, it will lead to an increase in the insurance outgo for car owners by a minimum Rs 50,000 for car and a minimum of Rs 7,000 for two-wheeler owners

'Bumper-to-bumper' insurance should be mandatory, says Madras HC

In a significant order, the Madras High Court has ruled that "bumper-to-bumper" insurance should be mandatory whenever a new vehicle is sold, from September 1. This must be in addition to covering the driver, passengers and owner of the vehicle, for a period of five years. Thereafter, the owner of the vehicle must be cautious in safeguarding the interest of driver, passengers, third parties and himself/herself, so as to avoid unnecessary liability being foisted on the owner of the vehicle, as beyond five years, as on date there is no provision to extend the bumper to bumper policy, due to its non-availability, Justice S Vaidyanathan said in a recent order. The judge was allowing a writ petition from the New India Assurance Company Limited in Avalpoondurai, challenging the orders dated December 7, 2019 of the Motor Accidents Claims Tribunal, Special District Court in Erode. The Insurance company pointed out that the insurance policy in question was only an "Act Policy", which woul

Delay in third-party premium hike hurting balance sheets: Insurers

The insurance regulator had proposed a hike in third-party premium for FY21 but it was put on hold to provide relief to policyholders during the pandemic

Irdai working group proposes 'traffic violation premium' in motor insurance

It will float over own damage and third party sections and can be attached to any section of motor insurance cover bought

Irdai fixes motor third-party insurance premiums for FY19

General insurers told Business Standard the reduction in premium rates would motivate customers, especially private car and motorcycle owners