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Motor Buyers Be Ready To Pay Higher Premiums
Outlook Money
|November 2018
Insurance regulator raises compulsory personal accident (CPA) cover to minimum 15 lakh for all classes of vehicles.
The insurance cover of a vehicle against accidental death and permanent total disability arising out of an accident has been hiked. On September 20, the Insurance Regulatory and Development Authority of India (IRDAI) released a circular stating to increase the compulsory personal accident (CPA) cover to 15 lakh. As per the erstwhile Indian Motor Tariff 2002, it was mandatory to have the capital sum insured (CSI) of 2 lakh for the individual registered owners of private cars or commercial vehicles and CSI cover of 1 lakh for the individual registered owners of two-wheelers in India.
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