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New IRDAI Rules for Vehicle Insurance: More Options, Lower Premiums for Buyers!
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News18•27-09-2026, 09:10
New IRDAI Rules for Vehicle Insurance: More Options, Lower Premiums for Buyers!
- •IRDAI has proposed new motor vehicle insurance rules, offering more options for buyers.
- •Showrooms must display digital insurance options, including QR codes for platforms like Bima Sugam.
- •IRDAI suggests dealers should not deny cashless repair facilities even if insurance is bought elsewhere.
- •Motor insurance premiums increased by 34% and commissions by 259% between 2022-23 and 2024-25.
- •These changes aim to reduce insurance costs and provide customers with better policies and lower premiums.
Key Questions Answered
IRDAI has proposed that showrooms clearly display a digital option, such as a QR code to access platforms like Bima Sugam, enabling new two-wheeler and four-wheeler buyers to purchase insurance outside of showroom-offered policies.
IRDAI has suggested that vehicle dealers must not deny cashless repair facilities to customers simply because they chose to purchase their motor insurance from an external source, subject to the policy terms and conditions.
IRDAI noted that between 2022-23 and 2024-25, motor insurance premiums rose by about 34 percent while commissions surged by 259 percent. The proposals aim to cut insurance sales costs, curb high commissions, and provide customers with more transparent and cost-effective digital choices.
