Third party motor insurance gets costlier; IRDAI issues new rates for cars, two-wheelers, other vehicles

Third party motor insurance rates 2019: The Insurance Regulatory and Development Authority of India (IRDAI) has announced that the new rates for third-party motor insurance will be applicable from June 16 2019. The new rates will make third-party insurance premiums on cars, two-wheeler, trucks and transport vehicles costlier, Zee Business TV reports. According to new rules set by IRDAI, customers will now have to pay the following revised single premiums for third party car insurance:

Cars

In the case of private 1000cc four-wheelers, one now has to pay a premium of Rs 2,072 instead of Rs 1,850 earlier. In case of cars falling between the bracket of 1000cc to 1500cc, the premium has hiked by 12% from Rs 2,863 to Rs 3,221. Four wheelers with volume above 1500cc will remain the same with the premium of Rs 2,323.

Two-wheeler

For two-wheelers, with a capacity of 75cc, one will have to pay a premium of Rs 482 against Rs 427 earlier. Meanwhile, bikes falling between 77cc to 150cc will go from Rs 720 to Rs 752. 

Trucks and other transport vehicles

Trucks falling within the range of 75 tonne will have its premium revised from Rs 14,390 to Rs 15,746. Meanwhile, premiums of trucks between 75 tonne to 120 tonne have been hiked from Rs 24,190 to Rs 26,935.

Earlier customers paid a premium of Rs 32,367 for heavy vehicles with a capacity between 120 tonnes to 200 tonnes. The revised premium is Rs 33,418. Trucks with capacity up to 400 tonne will have a premium amount of Rs 43,037 against Rs 39,849 earlier.

थर्ड पार्टी मोटर इंश्योरेंस हुआ महंगा, #IRDAI ने जारी की नई दरें..@anuragshah710 pic.twitter.com/G7XMymZVt1

— Zee Business (@ZeeBusiness) June 5, 2019

Expert Anurag Shah told Zee Business TV that the third party premium rates are revised every year by the IRDAI after April 1. It can be observed that there is an average rise by 10%-12% in the premium amounts across all sections.