This organisation has hiked the Third Party (TP) motor insurance premium for small and medium private cars by 12-12.5% for 2019-20.

2019

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	SEBI
B	IRDAI
C	RBI
D	PFRDA

Explanation:

Detailed explanation-1: -According to a gazette notification dated May 25 from the MoRTH, the annual rate of third-party insurance for private cars with up to 1,000 cc engine capacity has been increased to Rs 2,094 in 2022-23 from Rs 2,072 in 2019-20.

Detailed explanation-2: -Insurers have been allowed to raise their third-party motor premium rates after two COVID-affected years. The hikes for car- and bike-owners are in the range of 0.1-20.7 percent. After a two-year delay, third-party motor insurance premium rates are set to go up, starting this month.

Detailed explanation-3: -Third-party insurance offers protection against damages to the third-party by the insured vehicle. It covers physical injuries, damages to the vehicle, damage to the property, and death. Exclusions. Third-party insurance does not provide any compensation, if: The accident was caused due to drunken driving.

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