The ever-ascending inflation rate has made all of us cut corners wherever possible to keep up with our essential expenses – one of them being our vehicle and its upkeep. There are certain costs associated with the vehicle that cannot be avoided, like – fuel, servicing, and motor insurance. Irrespective of your usage of the vehicle, motor insurance is a mandate by law that the vehicle owner has to comply with. Aside from being a lawful mandate, motor insurance is a thoughtful investment to secure one of your most prized possessions. 

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The third-party insurance company may increase premium rates by 6 per cent to 23 per cent in the upcoming week. The increment in premiums will be implemented from June 1, 2022, onwards. There hasn’t been any change in the premiums in the last 3 years, Zee Business’ Anurag Shah reported.

Since inflation is ever-increasing, most of us cut corners wherever people can to stay afloat, including the maintenance of vehicles. The cost of fuel, servicing, and motor insurance are some of the costs associated with the vehicle. Regardless of how you use the vehicle, motor insurance is a legal requirement that needs to be met. Aside from being a legal requirement, motor insurance is an excellent way to protect one of your most valuable possessions.

However, this will prove to be good news for third party motor insurance providers. The long-term insurances are going to be impacted the most. The companies have been demanding an increase in premium for quite some time now. Earlier the revision was supposed to be implemented by April 2022.

New India is the only government sector listed company in the third-party motor insurance segment. Additionally, ICICI Lombard is a private sector listed company in the same segment.

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