IRDA revises third-party motor insurance premium rates for 2016-17
Third party insurance cover is set to increase for various categories of motor vehicles, including by a steep 40 per cent for private cars in the 1000-1500 cc segment. Every year, the Insurance Regulatory and Development Authority of India ( IRDA ) revises premium rates, taking into account the number of claims made and loss ratios for insurers. Motor third-party insurance is mandatory for all vehicles plying on Indian roads and covers liability arising from third-party claims due to accidents. – See more