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Question: Do third party insurance premiums get revised each year?

Answer: Yes the insurance watchdog IRDA revises the rates of mandatory third party insurance annually. Since many insurance companies have been facing high third party losses IRDA has suggested a price hike of 3% to 30% across various vehicle categories this year. These rates get applicable from first day of the new financial year.

Yes the insurance watchdog IRDA revises the rates of mandatory third party insurance annually. Since many insurance companies have been facing high third party losses IRDA has suggested a price hike of 3% to 30% across various vehicle categories this year. These rates get applicable from first day of the new financial year. Source: CoolInterview.com

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