De-tariff Of Third Party Insurance Premium Rates

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By the year end, the third party motor insurance premium rates will be depended on the market. Insurance Regulatory and Development (IRDA) would de-tariff the premium rates for guiding vehicle owners according to Mr. M Ramprasad, member of IRDA. In case of vehicle falling under the unprofitable category, the premium rates are likely to get increased and discounts are sure to appear on the premiums with low claims. The expected rate hike of about 25% to 137% is likely to show up from April this year. The third party liability premium rates have seen increment from past 2 years.

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