1. IRDAI hikes third party motor insurance premium rates by up to 40%

IRDAI hikes third party motor insurance premium rates by up to 40%

Insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has finally set the highest third-party premium rates around 40 percent, giving some relief to vehicle owners. The regulator had recently proposed a hike of up to 50 percent for certain categories of vehicles.

By: | Published: March 30, 2017 1:17 PM
There will be no hike in the third party premium rates of private cars having an engine capacity of less than 1000 CC as well as two wheelers having an engine capacity of less than 75CC.

Insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has finally set the highest third-party premium rates around 40 percent, giving some relief to vehicle owners. The regulator had recently proposed a hike of up to 50 percent for certain categories of vehicles.

However, there will be no hike in the third party premium rates of private cars having an engine capacity of less than 1000 CC as well as two wheelers having an engine capacity of less than 75CC.

Motor Vehicle Insurance
Currently for motor vehicles in the category of 1000-1500CC people have to pay a premium of Rs 2237, but from April 1, the premium of third party insurance will increase to Rs 3132, resulting in a 40 percent increase in the premium.

Similarly, for vehicles falling in the category of above 1500CC people have to pay a premium of Rs 6164 currently, but from April 1, the premium of third party insurance will increase to Rs 8630. Here also, it will result in a 40 percent hike in the premium.

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Here are the latest premium rates for motor vehicles:


Two Wheeler Insurance

For two wheelers in the category of 75-150 CC people have to pay a third party insurance premium of Rs 619, but from April 1, the rates will increase up to Rs 720, resulting in a 16 percent hike in the premium.

Two wheelers in the 150-350CC category attract a third party insurance premium of Rs 693, but from April 1, the premium will increase up to Rs 970 – a 40 percent hike.

Similarly, for two wheelers above 350 CC people have to pay a third party insurance premium of Rs 796, but from April 1, the rates will increase up to Rs 1114. Here also, it will result in a 40 percent increase.

You may also watch:

Here are the latest third party premium rates for two wheelers:

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