For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    No Change In Third-Party Insurance Premium Rates

    |

    Every year third-party insurance premium rates are increased by 10-30% but this year consumers have been relieved with no change in premiums for the new financial year.

    No Change In Third-Party Insurance Premium Rates
     

    "It is hereby notified that by virtue of powers vested in the Authority under Section 14 (2) (l of IRDA Act, 1999, the Irdai hereby extends the validity of premium rates set out in the aforementioned order beyond March 31, 2019, until further notice. In other words, insurers shall continue to charge the rates currently being charged for Motor Third Party Liability lnsurance Cover from April 1, 2019, until further orders," Irdai said in its order.

    Overall the motor insurance is made up two insurance types i.e. own damage and third-party insurance. The third-party insurance cover is mandatory and for it the premium is fixed by the IRDAI annually.

    In the last fiscal, for the new vehicle it was mandated to have three-year car insurance and five-year bike insurance for third-party liabilities.

    GoodReturns.in

    Read more about: insurance
    Story first published: Tuesday, April 2, 2019, 10:54 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    Notification Settings X
    Time Settings
    Done
    Clear Notification X
    Do you want to clear all the notifications from your inbox?
    Settings X
    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more