Prices hiked for third-party two-wheeler insurance

7th Jun 2019 12:52 pm

The new rates come into effect on June 16, 2019.

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
CategoryOld premiumNew premium (effective from June 16, 2019)New long-term premium rate (5 years)
Below 75ccRs 427Rs 482Rs 1045
75cc to 150ccRs 720Rs 752Rs 3285
150cc to 350ccRs 985Rs 1193Rs 5453
Above 350ccRs 2323Rs 2323Rs 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
CategoryPremium rate (effective from June 16, 2019)Long-term premium rate
Below 3kWRs 410Rs 888
3kW to 7kWRs 639Rs 2792
7kW to 16kWRs 1014Rs 4635
Above 16kWRs 1975Rs 11079

IMAGE SOURCE: Subhash Shimbdu

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