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Give suggestions to IRDA on third party insurance premium till May 29

Wednesday - May 22, 2019 11:37 am , Category : BUSINESS
Premiums of more horsepower cars and bikes not to be expensive
Premiums of more horsepower cars and bikes not to be expensive

IRDA proposes to increase rates of Third Party Insurance Premium

MAY 22 (WTN) - If you have a two wheeler or a four wheeler, then this news is very important for you. With the ending of the voting process in the Lok Sabha Elections, IRDA (Insurance Regulatory and Development Authority) has proposed to expensive third party insurance premium for two the wheeler vehicles and the cars. If this proposal is passed, then you have to pay more for Third Party insurance premiums.

Let's first describe you about the third party insurance? For your information, let you know that under the Motor Vehicles Act, it is important for all motor vehicles to have third party motor insurance. When a motor vehicle is insured, the first party is that which insures it. The insurer is the second party, while third party is one where the insured person is damaged by the first party motor vehicle. Whenever any kind of accident occurs, third party claims for the loss. This third party insurance policy covers the loss of other people and their property by your vehicle.

As we told you earlier, the premium for third party insurance is proposed to be expensive. If this proposal is approved, then according to this proposal, it is proposed to increase the third party insurance premium from existing 1,850 rupees to 2,120 rupees for cars with less than 1,000 cc capacity. Similarly, the premium for cars from 1,000 cc to 1,500 cc capacities is proposed to be increased from existing Rs 2,863 to Rs 3,300.

For your information, let you know that there is no any proposal to increase the premium for the third party insurance of luxury cars with a capacity of more than 1,500 cc engines, and this will be kept same as Rs 7,890. At the new proposal of IRDA, it is proposed to raise the third party insurance premium from Rs 427 to Rs 482 for a two wheeler with a capacity of less than 75 cc. At the same time, there is a proposal to increase the third party insurance premium for two-wheeler which has engine capacity from 75 cc to 350 cc. But the insurance premium of a bike with capacity above 350 cc is kept away from this change.

Due to the increasing pollution, a proposal to give 15% discount in their third party insurance premium has been proposed to promote the personal use of electronic cars and two wheelers. But in the case of taxis, buses and trucks, IRDA has proposed to increase rates. Apart from this, third party insurance premium can also increase on the tractor.

Once again, IRDA has proposed a premium rate of three years for a new car and a premium rate of 5 years for the new bike. For your information, let you know that in general the premium rate of third party insurance is revised from April 1, but this time insurance companies have decided to continue the old rates of third party insurance premiums. But now IRDA has proposed new rates for third party premiums. The IRDA has sought suggestions from all concerned parties till May 29 on new third party premiums proposals.