Nepal: Regulator cuts auto premium rate for private vehicles
Source: Asia Insurance Review | Jan 2017
The Insurance Board (IB) has reduced the insurance premium rate on private-owned four-wheelers by 30%, effective from 16 December. With this revision, the insurance premium falls by NPR7,000 (US$65) to NPR12,000 annually.
IB Director Shree Man Karki said that the revision is for private motorists who have comprehensive auto cover because of a significant fall in damages from private cars, reported the Kathmandu Post. This in turn was due to the low private vehicle accident rate.
“The revision will not be applied to public vehicles,” Mr Karki said, adding that the owners of private vehicles tend to be more cautious.