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.

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:

IMAGE SOURCE: Subhash Shimbdu