Third-party vehicle insurance rates to go up

Third-party vehicle insurance rates to go up

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).