The premium for the third party insurance for vehicles is up by 30% from 1st April.
It has been the usual procedure to revise the insurance premiums during the month of April every year.
So, IRDAI (The Insurance Regulatory and Development Authority of India) is reviewing the prevailing conditions to revise the third party insurance premium for vehicles for the new Financial Year commencing 1st April.
As per the established estimates, it is expected that the increase in the premium will be between 25% to 30%. The insurance company officials informed that claims are maximum in this particular insurance segment.
Trucks/Lorries with weights of 2 to 75 tons are plying on roads. They cover a distance of 2.5 to 3 Lakh km every year.
The vehicles having National Permit in the same weight range cover a distance of 4 Lakh km every year. So, the frequency of accidents and difficulties are more.
The third party insurance premium for the 2-wheelers (below 350 cc capacity) will be up by 10% to 15%.
However, the third party insurance premium for the vehicles above 350 cc capacity is to be reduced by 10%.
Third party insurance premium fort private cars (below 1000 cc capacity) will be up by 30%.
For vehicles with more than 1000 cc capacity, the increase in the premium will be by 25%.
The increase in premium will be minimal for the e-rickshaws which do not create pollution. It may be Rs. 59/- per year.
For autos, the premium will be up by Rs. 400/-.
For shared autos (with a seating capacity of 6 to 17 persons), the premium will be up by 115%. Currently, it is Rs. 959/-. This will increase to Rs. 2059/-.
For the 6-wheelers, the premium will be up by 51% and will be Rs. 2229/-.
The final decision on the increase in premiums will be announced by IRDAI shortly.
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