Government to Fix Third-party Insurance Premium For All Category of Vehicles

The Ministry of Road Transport and Highways in consultation with the Insurance Regulatory and Development Authority of India (IRDA) will notify all the motor vehicle owners with the revised third-party insurance premium rate.

Compare & Save upto 85%* on Car Insurance

Enter your car number

Processing

Get Car Insurance starting
@ only 2094/year^#

Renew Policy In2 Minutes
20+ Insurers To Choose From
51 Lakh+ vehicles insured

#TP price for less than 1000 CC cars. All savings are provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.

With the amendment in the Motor Vehicles Act, with either the demise or any bodily injury to a person the central government will direct a base premium and the liability of an insurer concerning such premium for an insurance plan. Presently, the premium amount for different category of motor vehicles is notified by the IRDA.

This has been done to secure the interest of the policyholders. Besides, earlier the IRDA every year use to increase the third-premium rate abruptly, which led to transport, strikes as well.

The Ministry of Road Transport and Highways soon will share the details in regards to the rules of fixing the premium rate for every category of motor vehicles. Moreover, the Centre will likewise extend the submission details in regards to the report of accident by the police to the motor accident tribunals in a given timeframe of a month for all the accidents to all the states. This will help for a better and quicker claim settlement process.

Written By: PolicyBazaar - Updated: 26 June 2021

You May Also Like

Transferring Car Insurance from One Person to Another

By PolicyBazaar
-
Updated: 25 August 2022
-
297578 Views

Transferring Car Insurance from One Person to Another An integral part of selling a car, for both the buyer and the seller, is ensuring a successful car insurance transfer to the new owner. But sadly, most people have...
read more
9 Secrets That Your Motor Insurance Provider Won’t Tell You

By PolicyBazaar
-
Updated: 29 July 2021
-
218228 Views

9 Secrets That Your Motor Insurance Provider Won’t Tell You Due to the dangerous driving conditions, it is compulsory to have third party insurance for every vehicle plying on Indian roads. It ensures the overall saf...
read more
Money Saving Advice for All Car Owners

By PolicyBazaar
-
Updated: 27 August 2021
-
203071 Views

Money Saving Advice for All Car Owners After a dream home, a dream car is your second-largest purchase that you make in your lifetime. But the expense does not cease when you drive off the car dealer's lot. Read mor...
read more
Difference Between Comprehensive Insurance and Third Party Insurance

By PolicyBazaar
-
Updated: 25 August 2022
-
171748 Views

Difference Between Comprehensive Insurance and Third Party Insurance Comprehensive insurance is insurance coverage that pays for the repair or replacement of vehicle damages resulting from an incident. Comprehensive ca...
read more
Types of Motor Insurance

By PolicyBazaar
-
Updated: 26 June 2021
-
123969 Views

Types of Motor Insurance The word Motor broadly covers a lot of classes of vehicles plying on the roads. These may be two-wheelers like scooters and motorbikes, three-wheelers or four wheelers like private cars, jeeps, ...
read more