The Insurance Regulatory and Development Authority of India (IRDAI) has decided to lower the tariffs for the compulsory cover against “motor third party liability”. This initiative comes as a result to the protests of motorists against the 28 March 2017 decree imposing an increase in the tariffs of this class of business.
The annual motor third party liability premium for private cars henceforth varies between 2 055 INR (31.9 USD) and 7 890 INR (122 USD) according to the horse power capacity of the vehicles.
For taxis and office cars, the rates are comprised within the bracket that extends from 6 396 INR to 11 144 INR (99 USD to 173 USD). An additional amount calculated on the basis of the number of passengers shall be added if the horse power capacity of the vehicle exceeds 1000 cc.
For motorcycles, premiums vary between 569 INR and 887 INR (8.8 USD and 13.7 USD). As for goods road transport vehicles, premiums are set according to the load, that is, between 14 390 INR and 33 024 INR (223 and 512 USD).
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