Owning a vehicle would now pinch your pockets even more, with third-party motor insurance premiums set to rise by up to 65 per cent for two-wheelers, private cars and heavy load carriers from April 25.
The premiums are being revised after a gap of four years, the sector watchdog Insurance Regulatory and Development Authority (IRDA) said, adding, from now onwards the third-party motor insurance premium rates would be revised annually.
The IRDA has also fixed a formula for revising the motor insurance premium rates, which would be done after taking into account inflation and data on claim settlement. These rates are currently regulated by the Tariff Advisory Committee of the IRDA.
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There should me a memorandum for the reason for raising the premium rates. If the motto for raising the rates is not known to one all then it become a statutory for raising further and futher without any reason. The main purpose point for raising should be considered but be dropped once the reason is no longer valid.