Good news has come for cars and bike operators. The Indian Insurance and Regulatory Development Authority (IRDAI) has reduced the rate of third party motor insurance premiums. IRDAI has given information in this regard. Regulators have given relief to cars and bikes. These new rates of premium will be effective from 1st April.
According to new rates, for cars with engine capacity of less than 1,000 cc, the premium will be 10 percent cheaper. At the same time, the premium for a bike with less than 75 cc engine capacity will be up to 25 percent cheaper.
