As per an order by the Insurance Regulatory and Development Authority of India (IRDAI), premium rates for third-party insurance in India will be hiked for this fiscal year. The revised premium rates will come into effect on June 16, 2019.
For two-wheelers in the country, owners of vehicles less than 75cc will face a 12.9 percent hike, with the annual premium rising from Rs 427 to Rs 482. For two-wheelers between 75cc and 150cc, the premium is up from Rs 720 to Rs 752, marking an increase of 4.4 percent. The 150cc to 350cc two-wheeler segment sees the largest hike, at 21.1 percent. Owners will now have to pay a premium of Rs 1,193, instead of last year’s Rs 985. Two-wheelers above 350cc see no change in premium rates, with the amount set at Rs 2,323.
| Premium rates for two-wheelers | |||
|---|---|---|---|
| Category | Old premium | New premium (effective from June 16, 2019) | New long-term premium rate (5 years) |
| Below 75cc | Rs 427 | Rs 482 | Rs 1045 |
| 75cc to 150cc | Rs 720 | Rs 752 | Rs 3285 |
| 150cc to 350cc | Rs 985 | Rs 1193 | Rs 5453 |
| Above 350cc | Rs 2323 | Rs 2323 | Rs 13034 |
The order has also outlined the insurance premiums for electric cars and two-wheelers in the country and the premium rates for electric two-wheelers are listed below:
| Premium rates for electric two-wheelers | ||
|---|---|---|
| Category | Premium rate (effective from June 16, 2019) | Long-term premium rate |
| Below 3kW | Rs 410 | Rs 888 |
| 3kW to 7kW | Rs 639 | Rs 2792 |
| 7kW to 16kW | Rs 1014 | Rs 4635 |
| Above 16kW | Rs 1975 | Rs 11079 |
IMAGE SOURCE: Subhash Shimbdu