IRDAI Hikes Third Party Insurance Premium for Small-Medium Cars
- The Insurance Regulatory and Development Authority of India (IRDAI) has increased the third party (TP) motor insurance premium for small and medium private cars in the range of 12-12.5 percent for 2019-20.
- The TP motor insurance premium for two-wheelers and heavy vehicles has also been hiked.
- The new rates will come into effect from June 16, 2019.
| Capacity | Rate increased | Premium |
| Private cars below 1000 cc engine | 12 percent | Rs 2,072 |
| Private cars with engine capacity of 1000-1500 cc | 12.50 percent | Rs 3,221 |