Not many people renew their motor insurance policy. Portfolio sounds out road users to bust some myths about the process

As we all know, the Insurance Regulatory and Development Authority of India (IRDAI) has increased vehicle insurance premium again, with effect from April 1, 2017. The premium for third party insurance has been going up every year. The regulator wants to reduce the losses faced by motor insurers on account of a high claims ratio — the proportion of claim settlement to premium collected. In 2015...