Motor insurance set to get costlier

Motor insurance will soon cost more. Car and bike owners will have to pay about 10% more on new covers, while truck owners will have to shell out around 80% extra under the new price structure proposed by the insurance regulator.

The Insurance Regulatory and Development Authority (IRDA) has published its proposed new tariff for third party motor insurance—the cover which compensates accident victims and has to be mandatorily purchased by all vehicle owners.

The IRDA, however,has not notified the date when the tariff comes into force. The IRDA has set January 17 as the deadline to receive comments from all stakeholders, after which it will announce the date on which the new prices will become effective.

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