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Third Party Motor Insurance Premium To Increase
Third party insurance premium will be increasing by certain amounts. This has been confirmed by the insurance regulator's directive and will take effect from April.
Insurance Regulatory and Development Authority(IRDA), chairman, T.S. Vijayan explains that the third party insurance of vehicles less than a 1000cc, privately owned will be increased. The current premium of third party insurance is Rupees 941 and from April it will go up by Rupees 1,129.
Third party premium for vehicles that are privately owned and are above 1000cc to 1500cc, will also be increased. The current premium was Rupees 1,110 and will be increased by Rupees 1,332.
Four wheelers that have engines bigger than 1500cc their premiums have been increased to Rupees 4,109, it was earlier 3,424.
The motorbikes too will be affected as bikes with up to 75cc engines will attract a premium of Rupees 455, from earlier Rupees 414. Bikes between 75cc and 150cc, will have to cough up Rupees 464 to prior Rupees 422.
Bigger bikes with engine capacity of 150cc up to 350cc, will attract premiums of Rupees 462. While motorbikes with 350+cc will have to pay Rupees 884 as third party premium.
These prices are announced and will come into effect from April onwards. The premium in some instances are lower than proposed by IRDA.
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