IRDAI proposes 14-108% rise in motor third party premiums

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Motor third-party (TP) insurance premium might see a steep rise this year, with the Insurance Regulatory and Development Authority of India (Irdai) proposing an increase between 14 and 108 per cent from April 1.

According to IRDAI’s exposure draft, released on Tuesday, small cars (below 1,000 cc) are likely to see a rise of 107.8 per cent in premium. Two-wheelers not exceeding 75cc could see a 14 per cent rise, while the 151-350 cc category will see a 32 per cent increase. However, the premium of high-end bikes above 350 cc could see a drop of 61 per cent in premium rates.

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