Published On: Jun 15, 2019

Federation of Automobile Dealers Associations (FADA) on Thursday said the hike in third-party motor insurance premiums for FY20 will further hit vehicle sales, which have already been witnessing a prolonged slump. Insurance Regulatory and Development Authority of India's (IRDAI) order to hike premium rates for the third party motor insurance for the current financial year will come into effect from June 16. The automobile industry is already going through a difficult phase with low sales and subdued customer sentiments. Asking IRDAI to reconsider the hike, Singhania said this increase would significantly impact sales volume, also affecting insurance business.  

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