Exclusive | Third party insurance premium on commercial vehicle could be cut by 10% [ Source: Moneycontrol.com]
The transport union had been demanding a cut in insurance premium after the premium was hiked in the range of four to 30 percent for 2018-19
Heavy commercial vehicle owners may soon have to pay lesser insurance premium on third party insurance cover as Insurance Regulatory Authority of India (IRDAI) may consider slashing premium rates by as much as 10 percent.
“Transporters have sought a decrease in the motor third-party premiums. It is anticipated that premiums may come down by 10 percent for heavy vehicles,” a source in the know of the matter told Moneycontrol.
A circular to this effect could be issued by the end of this week, the source added.