Motor insurance premiums likely to go up soon: Here's why
Heads up if you drive in India: motor third-party insurance premiums are about to get more expensive.
The government is looking at hiking rates this year, with possible changes for drivers with past traffic violations and for three-wheelers under consideration.
They're still deciding whether the increase will be different for each vehicle type or just a flat hike across the board.
Why are the hikes necessary?
Every year, officials sit down with insurers and industry groups to review these premiums.
Recent discussions suggest bigger hikes could hit larger passenger and commercial vehicles first, aiming to help insurers manage their losses better over the next two years.
Since third-party insurance is mandatory here (it covers you if you cause injury or damage to others), any change affects pretty much every driver on the road.