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The IRDAI has reduced the premium rates for third-party insurance covers. The reduction in premiums will be for the financial year 2018-19 and will come into effect from the 1st of April.
The Insurance Regulatory and Development Authority of India (IRDAI), is said to have cut down the compulsory premium of the third-party insurance covers for cars with engine capacity less than 1000cc. The premium for the insurance covers is currently Rs 2,055 which will be reduced to Rs 1,850. While the premium on two-wheelers under the 75cc engine capacity has also gone down from Rs 569 to Rs 427.
The premium for cars with engine capacities higher than 1000cc has remained unchanged, with Rs 2,863 for cars in the 1000 - 1500cc category and Rs 7,890 for cars over 1500cc. Similarly, premiums for motorcycles in the 75 - 150cc category will remain the same at Rs 720.
However, motorcycles with engine capacities between 150 - 350cc will have to pay a higher premium of Rs 985 from the current Rs 887, while those over the 350cc will have to pay almost double the amount of Rs 2,323 compared to its existing Rs 1,019.
Thoughts On The Reduction Of Premiums On Third Party Insurance Covers
Third party insurance is to cover vehicles damages of others caused by one's own vehicle. The third-party insurance includes cover for damages done by one's vehicle to another vehicle or property but does not cover accidents, thefts or damage to one's own vehicle.