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