The premium rates applicable to motor third party liability insurance
business will be effective from April 1, 2013 in India.
Insurance Regulatory and Development Authority (IRDA) on recently
raised the premium of the mandatory 3rd party motor insurance cover
by over 10 % to 20 % across categories.
The authority IRDA notified the premium rates applicable to motor 3rd
party liability insurance business with effect from April 1, 2013.
A maximum increase of 20 % in third party premium has been allowed for
private cars, cabs & the goods carrying vehicles-public carriers
while the increase of the same for 2 wheelers would be little over
18 %.
Premium Rates Effective From April 1, 2013..!
Type of Vehicle New Premium Existing Premium
Two Wheelers
(75 cc to above 350 cc) Rs. 420 - Rs. 804 Rs. 350 - Rs.680
Private Cars
Below 1000 cc Rs. 941 Rs.784
1000 - 1500 cc Rs.1,110 Rs.925
Above 1500 cc Rs. 3,424 Rs.2,853
Goods Carring Vehicle Rs. 13,082 - 15,035 Rs. 10,902 - Rs.13,020
However the insurance regulator IRDA has reduced the third party motor
premium for goods carrying vehicles-private carriers by 1.3 % as
compared to the current rates.
The regulator IRDA said considering the wide variation in premium charges
amongst the various sub- classes, the sub - classes were clubbed together
and a flat single revision was considered for the vehicle class as a
whole this time around.
Also, looking into the sudden & adverse impact on the policy holders
of such an increase in rates the authority decided to moderate the
rate increases in private cars, goods carrying vehicles public carriers, cabs among a few other vehicle classes.
No comments:
Post a Comment