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IRDAI increases third party motor insurance premium rate from 16th June

USNMix Report: Motor insurance will be expensive
applicable from June 16, increase in third party premium.

With effect from 16th June, the premium of private car up to 1500 cc will increase up to 12% and the premium for trucks up to 120 tonnes will also be increased by up to 10%. Expensive motor insurance will be applicable from June 16, increase in third party premium.

The third party motor insurance premium, which rose from April 1 every year, has finally increased. Insurance Regulator IRDAI has announced the implementation of Third Party Insurance Rates from June 16 and after this, the increase of 2-wheeler and cars, the third party insurance premium of the trucks will increase. 
IRDAI increases third party motor insurance premium rate

With effect from 16th June, the premium of private car up to 1500 cc will increase up to 12% and the premium for trucks up to 120 tonnes will also be increased by up to 10%. Those who took the last 3 or 5 year policy will not have a change, but the insurance regulator IRDAI has also fixed the premium for the long-term policy.

Long-term policies of new vehicles from September last year are necessary for the two-wheelers to take a 5-year and 4-wheelers long term third party policy. Insurance companies have been welcomed by the increase in third party insurance rates because the load of motor claims on the companies was steadily increasing, but transport organizations are not happy with the increase and due to the increase, they can increase freight rates in the coming days.

                 Car                            Proposed rate              Current rate

Private car up to 1000 cc                 ₹2,072                         ₹1,850
Up to 1500 cc above 1000 cc          ₹ 3,221                        ₹ 2,863
Above 1500 cc                                 ₹ 2323                         ₹ 2,323
2-Wheeler 75 cc                               ₹ 482                          ₹ 427
Up to 150 cc above 75 cc                 ₹ 752                          ₹ 720
Up to 350 cc above 150 cc               ₹ 1193                        ₹ 985  
Truck up to 75 Ton                            ₹ 15,746                     ₹ 14,390
Up to 120 tons over 75                     ₹ 26,935                     ₹ 24,190
Up to 200 tons to more than 120      ₹ 33,418                     ₹ 32,367
Up to 400 tons over 200                    ₹ 43,037                    ₹ 39,849

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