Kathmandu. In India, the premium of third party insurance will be increased.
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed to increase the premium of third party insurance of the vehicle. This premium can increase by an average of 18 percent. While according to some vehicle classifications, this increase can range from 20 percent to 25 percent.
A proposal to increase the third party insurance premium of IRDSI has reached the Ministry of Road Transport and Highways. The ministry may take a decision in this regard within the next 2-3 weeks.
After the approval of the ministry, a draft notification will be issued for public consent. Only then will other processes proceed.
There has been no change in vehicle insurance premiums in India for the last three years.
