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Third-Party Vehicle Insurance Hiked By Up To 40 Percent
The Insurance Regulatory and Development Authority of India (IRDAI) has decided to hike the third party insurance premium on bikes and car from April 1, 2016.
The IRDAI calim that the decision is in accordance to the rise in premiums is in line with the rise in the cost inflation index.
The IRDAI's decision will see the third party insurance premiums in some cases being hiked by 40 percent, which is the case with cars with engines under 1500cc. For cars with engines measuring 1500cc and above the hike is lower at 25 percent.
Bike owners haven't been spared either as the third party insurance premium on bikes with engine capacity between 75cc and 150cc (which includes most of the commuter segment bikes) being hiked by 15 percent.
Bikes with engine capacities between 151cc and 350cc have also seen a hike in their premium to the tune of 25 percent. However, bikes with engine capacities above 350cc will see a drop in their premium by 10 percent.
Third-Party Insurance Premium For Private Cars
| Engine Capacity | Old Premium | New Premium (in effect from 01/04/2016) | Change |
| Up to 1000cc | Rs. 1,468 | Rs. 2,055 | +Rs. 587 |
| 1001 – 1500cc | Rs. 1,598 | Rs. 2,237 | +Rs. 639 |
| Above 1500cc | Rs. 4,931 | Rs. 6,164 | +Rs. 639 |
Third-Party Insurance Premium For Two-Wheelers
| Engine Capacity | Old Premium | New Premium (in effect from 01/04/2016) | Change |
| Up to 75cc | Rs. 519 | Rs. 569 | +Rs. 50 |
| 75 – 150cc | Rs. 538 | Rs. 619 | +Rs. 81 |
| 151 – 350cc | Rs. 554 | Rs. 693 | +Rs. 139 |
| Above 350cc | Rs. 884 | Rs. 796 | -Rs. 88 |
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