New Delhi : Vehicle owners will have to pay more towards insurance for their
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.