Will the cost of car insurance increase in 2022?
The cost of car insurance is expected to increase in 2022 across the U.S., with some states potentially seeing average double-digit growth from some of the largest auto insurance companies. Furthermore, some areas around the country are already experiencing growth.
What is the car insurance premium for a 1500cc car in India?
For cars ranging between 1000cc to 1500cc, the car insurance premium will increase from Rs. 3,221 to Rs. 3,416. Similarly, the premium for cars above 1500cc will be revised to Rs. 7,897 in FY 2022-23. The government has also proposed a discount on the premium of electric and hybrid vehicles to encourage the usage of environment-friendly vehicles.
Will vehicle insurance premiums increase from next year?
Vehicle insurance premiums could increase from next year if the government’s proposal is accepted by the relevant stakeholders. According to a proposal by the Ministry of Road Transport, third-party motor insurance premiums could see an increase of up to 21%, making it more expensive than ever to insure your car or two-wheeler.