IRDA had given approval for the Insurance companies to raise their insurance rates for the financial year 2016-17.
Accordingly, the insurance payment is up by 40% for small cars with 1000 cc capacity. Now, the insurance payment for these 4-wheelers will be Rs. 2055/-.
For the 4-wheelers of category “B’, with a capacity from 1000cc to 1500 cc, insurance rates are up by 40% and will be RS. 2237/-.
However, the insurance payment for Sedan cars with more than 1500 cc capacity has been increased only by 25%.
Insurance payments are up for motorcycles as well. The insurance payment for Motorcycles below 75 cc capacity is up by 9.6%. For motorcycles with 75 to 150cc, it is up by 15%.
For Premium type motorcycles with 150 cc to 350 cc, the insurance payment rates are up by 25%.
As per the revised system by IRDA, the insurance payment for autos is up by 3.2%.
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