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20% Increase In Motor Insurance Premiums 1st April 2012 Onwards

From now on, the common man will have to shell out 20% extra on Car / Motor Insurance Premiums from 1st April 2012. This hike in car insurance is expected to vary between 15% to 20%.One of the main reasons for this rise in insurance premiums is the decision of dividing the motor third party pool, taken by the Insurance Regulatory and Development Authority.

Iffco Tokio Motor Insurance Logo

Iffco Tokio Motor Insurance

According to J. Hari Narayan, Chairman of IRDA –

I am sure that time will confirm our belief that the declined pool mechanism would lead to better management of third party claims to the benefit of all stakeholders.

As of now, most of the car insurance companies like IFFCO-TOKIO have been offering 20% to 30% discounts in premiums. But these discounts will not be available from now on. The increase in insurance premiums is going to affect all commercial vehicles and other vehicles.

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