IRDAI proposes to hike third-party motor insurance premiums for FY2022-23
From the past two financial years (FY 2020-21 and FY 2021-22), the IRDAI had not revised the rates. Hence, till now, the rates remained the same that Irdai laid down for FY 2019-20.
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed the third party premium rates for private two-wheelers and cars for the financial year 2022-23. According to the new rates, you will have to pay more for your four-wheeler (private cars) and two-wheeler (bike) vehicle's third-party cover with effect from 1 April 2022.