At present, third-party motor insurance is mandatory
In FY17, MTP premiums went up by increase of 10-40% from April 1 in private cars and two-wheeler segment
Rise in third-party premium and service tax will lead to an increase of 25-40% in total premium
Use accumulated no-claim bonus and increase voluntary deductible to get a better deal
Regulator has barred insurers from refusing to cover this risk
Irdai had recently proposed third-party insurance premia increase in the range of 9 to 30 per cent across categories
Overall, the net incurred claims of non-life insurers stood at Rs 55,232 crore in 2014-15 against Rs 49,179 crore in 2013-14