India Proposes Up to 25% Hike in Third-Party Vehicle Insurance Premiums

India is set to raise third-party vehicle insurance premiums for the first time in three years. The Insurance Regulatory and Development Authority of India (IRDAI) has proposed an average increase of 18%, with some vehicle categories seeing hikes of 20% to 25%.

The proposal has been sent to the Ministry of Road Transport and Highways, which is expected to make a decision within 2 to 3 weeks. After the ministry’s approval, a draft notification will be released for public feedback before any further steps are taken.

This move comes after three years without any change in vehicle insurance premiums in India.

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