New Delhi : Vehicle owners will have to pay more towards insurance for their vehicles as the enhanced motor insurance rates has come into effect from April 01. The Insurance Regulatory and Development Authority -IRDA has issued a notification to this effect. As per the new rates, private car owners would have to pay premium depending on the size of the vehicles.

The hike would be in the range of 6 to 40 per cent. Third-party insurance cover protects the vehicle owner from any financial liability, in case of damage to life or property in an accident to the third person. The IRDA has also asked the insurers to ensure that motor third party insurance is made available at their underwriting offices.

The Insurance regulator had earlier announced that the new rates of third party motor insurance premium would be revised at the end of every fiscal year.