Irdai, the insurance sector regulator has lowered the motor insurance premium rates in most of the segments such as two-wheelers, cars and trucks by modifying the rates for 2017-18 issued three-weeks ago.
The Insurance Regulatory and Development Authority of India (Irdai) has said in an order that the modified ‘premium rates for motor third party liability insurance cover’ will apply retrospectively from April 1.
Whereas, the premium rates for the current fiscal are higher than those of the previous year.
