Do third party insurance rates get increased every year?
The Insurance Regulatory and Development Authority (IRDA) does hike premiums for third party insurance every year. This year, the government has decided to remove the cap on third party liability of insurance companies in case of road accidents. Due to this, the IRDA has proposed a 50% hike in motor insurance premiums. The premiums for cars with 1,000-1,500 cc engines might cost more after this hike has been implemented. As you might know, third party insurance is mandatory for cars in India.
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