Motor insurance rates have been revised upwards yearly since 2012, and the latest revision to the rates are set to come into effect February 15, 2014.

The second table from top lists the new rates, which are an increase of about the same range as the previous adjustment made on February 15, 2013, which is listed in the top-most table.

These yearly increases will continue until the planned detariffing of motor insurance premiums in 2016, when premium rates will be further differentiated in accordance to the individual risk profile of vehicles, owners, as well as potential pricing differences between insurers.

When the detariffing comes into effect, we might see the emergence of ‘full service’ insurers with higher rates but more perks such as complimentary tow truck service, as well as ‘budget no frills’ insurers.