Third party insurance premiums to go up from 1 June; yet another Zee Business newsbreak hits bull's eye

Buying vehicles will now be dearer from 1 June 2022 as from this day purchasing a third party insurance will become expensive. The premiums of third party insurance will go up from 1 June. The news was first reported by Zee Business and the news has been yet again proven right.

A notification on this has been issue by the thransport department under the Ministry of Road Transport and Highways instead of insurance watchdog the Insurance and Regulatory Development Authority of India (IRDAI).   

For two-wheeler bikes over 150 cc, the insurance premium is expected to rise by 15 per cent.

For cars with the engine capacity between 1000 cc and 1500 cc, premiums are expected to grow by 6 per cent.  

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The new private car owner will have to pay 23 per cent more premium for a car of 1000 cc if a lump sum amount is paid for a three year period.

New private car owners will have to pay 11 per cent higher premiums on third part insurance for cars with engine capacity between 1000 cc and 1500 cc.

For a new two-wheeler, third part insurance premium is expected to go up by 17 per cent.  

As for commercial goods vehicles, the increase in premium is not expected to increase much. 

The increase in third part insurance premium is coming after a gap of 3 years.