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Auto Insurance Premium to Grow up to Five Times from September

September 12, 2018

Auto Insurance Premium to Grow up to Five Times from September

In consideration of a new Supreme Court order that mandates the sale of only 3-year car insurance and 5-year two-wheeler insurance from this September onwards, the premium rates for third-party insurance are expected to increase 2.86 to 3.08 times and 2.45 to 5.61 times for new cars and two-wheelers respectively.  The rule however, doesn’t apply to existing car and bike owners.  

As per the law, all vehicles in India are required to have a third-party motor insurance.

Photo credit: arunpnair on VisualHunt.com / CC BY-SA

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