IRDAI is proposing review of motor third party liability tariffs
The Indian regulator, IRDAI, has proposed the decrease of compulsory motor third party liability tariffs for low-cylinder private cars. Reductions amount to 10% for small cars whose power does not exceed 1 000 cc. This discount is poised to attain 25% for motorcycles with less than 75 cc in power. A 50% reduction is also on the agenda for ancient cars certified by the “Vintage and Classic Car Club”.
The catch: motor third party liability tariffs will be revised upwards for other types of cars, with additions ranging from 19% for commodity transport vehicles and 25% for farm tractors and possibly 50% for “super-bikes” whose power is above 350 cc. This project, under examination by the stakeholders, came into effect on April 1st, 2018, that is, the first day of the Indian (2018-2019) fiscal year.
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