Changes Expected in Auto Insurance Rules

The parliament is working on legislation that will cap payouts in third-party auto insurance coverage for luxury cars.
“Owners of luxury cars should buy auto body insurance [to be able] to compensate for losses higher than the proposed cap…The measure is to support lower income policyholders who cannot afford huge payouts,” Ali Khezarian, MP, was quoted as saying by IMNA. 
As per law, insurance companies should pay up to 3.2 billion rials in losses incurred during mishaps to expensive cars – those costing 3.2 billion rials and above in the next fiscal year that begins on March 21. The remaining costs must be paid by the policyholders.