15/1/2026, 9:25:02 pm

Understanding Third-Party Motor Insurance Coverage and Premiums

IRDAI urged general insurance companies to increase awareness around motor insurance. Over 50% of vehicles on Indian roads lack insurance coverage. Third-party motor insurance is mandatory under the Motor Vehicles Act, 1988, protecting against financial and legal liabilities arising from accidents, with annual premiums ranging between Rs 500 to Rs 8,000.