The premium rates for third party motor insurance in certain cases will go up by as much as 40% from April 1, 2012 as per the notification of the IRDA (Insurance Regulatory and Development Authority).
Third party insurance cover protects the vehicle owner from any financial liability, in case of damage to life/property in an accident to the third person.
As per the new Premium rates, private car owners would have to pay premium depending on the size of the vehicles.
The hike would be in the range of 6% to 40%.
Premium Rates.. (Third-Party premium)Cars engine capacity up to 1,000 cc - Rs 784 per year.
Cars engine capacity of above 1,000 cc up to 1,500 cc - Rs 925 per year.
cars engine capacity exceeding 1,500 cc - Rs 2,853 per year.
Third party insurance cover protects the vehicle owner from any financial liability, in case of damage to life/property in an accident to the third person.
As per the new Premium rates, private car owners would have to pay premium depending on the size of the vehicles.
The hike would be in the range of 6% to 40%.
Premium Rates.. (Third-Party premium)Cars engine capacity up to 1,000 cc - Rs 784 per year.
Cars engine capacity of above 1,000 cc up to 1,500 cc - Rs 925 per year.
cars engine capacity exceeding 1,500 cc - Rs 2,853 per year.
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