Insurance companies will not increase the rate in third party motor insurance. According to information received through sources, this will be for the second consecutive term that there will be no increase in third party motor insurance. For financial year 2020-21, 10 to 20 % increase in premium for third party motor insurance was proposed. For 1,000 to 1,500 cc vehicle engines third party insurance premium was proposed to be increased to Rs 3,383. According to Motor Vehicle Act, for every vehicle third party insurance is a must as per law.

Source: dna February 09, 2021 15:17 UTC