Insurance regulator IRDA has increased the third party motor insurance rates by up to 40 percent, which will be effective from April 1, 2017. If your car insurance is pending for renewal, then you should hurry up to get your vehicle insured now. For, there are hardly two days left for doing so as you can get your vehicle insurance renewed at current rates only till 31st March 2017.
If you want to avoid the heavy rush, you can visit the websites of several general insurance companies and get your insurance renewed as per your requirements. This will help you save time. Moreover, you can also compare the rates of several companies for comprehensive coverage and get the most suitable policy for your vehicle.
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The new rates of motor insurance are mentioned below.
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.
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.
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However, people who own smaller cars of less than 1000 CC like Alto 800, WagonR, etc and also the owners of two-wheelers below 75CC should not worry about the rise in prices because for them the rates for third party insurance are still the same as applicable in the financial year 2016-17.