New Delhi: Third-party insurance premiums for vehicles are set to increase as Lok Sabha elections have concluded. Usually, new rates are declared on April 1. However, this year, the Insurance Regulatory and Development Authority (IRDA) issued a notification on Monday, to which consumers can respond within May 29.
There will be a hike in third-party insurance premiums for bikes, cars, trucks, buses, school buses and tractors.
Single premium rates for the first three years for cars and five years for bikes will remain unchanged. Rates on cars above 1500 cc, bikes above 350 cc and e-autorickshaws will see no rise. Personal electric cars and two-wheelers will see a 15% slash.
New proposed rates
A) Private cars
Below 1000cc
Current: Rs 1850
New: Rs 2120
Between 1000-1500cc
Current: Rs 2863
New: Rs 3300
(Rs 7890 for above 1500cc unchanged)
B) Bikes
Below 75cc
Current: Rs 427
New: Rs 482
Between 75-150cc
Current: Rs 720
New: Rs 752
Between 150-350cc
Current: Rs 985
New: Rs 1193
(Rs 2323 for above 350cc unchanged).