Revisions In Third Party Insurance Premiums May See Delay Amid Push Back From Transport Organisations
Resistance from transport organisations against revision in premiums has been cited as a major cause for delay.
Proposed revisions in third party insurance premiums could see some delay, sources told NDTV Profit. The Ministry of Road Transport and Highways has been considering a revision of third-party motor insurance premiums.
However, discussions between stakeholders have so far seen limited clarity and direction, according to sources present at the closed door discussions.
Resistance from transport organisations against revision in premiums has been cited as a major cause for delay.
Third-party insurance is a statutory requirement for all vehicle owners as per the Motor Vehicle Act. It is a type of insurance cover where the insurer offers protection against damage to the third-party vehicle, personal property and physical injury. The policy does not provide any coverage to the insurer.
