IRDA hikes third-party motor premium

India Infoline News Service | Mumbai |

The IRDA has increased motor third-party premium in the range of 9% to 20%

The Insurance Regulatory and Development Authority (Irda) has hiked the premium for third-party motor insurance from April 1, 2014.
The IRDA on Tuesday released the order titled premium rates for motor third party liability insurance covers for the year 2014-15.
The IRDA has increased motor third-party premium in the range of 9% to 20%.
For passenger cars below 1,000 cc, it has hiked the third-party (TP) premium from Rs 941 to Rs 1,129. For passenger cars with engine capacity between 1,000-1,500 cc, the TP premium will go up from Rs 1,110 to Rs 1,332. For engine capacity above 1,500 cc, the premium will go up from Rs 3,424 to Rs 4,109.
In the case of two-wheelers, Irda has hiked the TP premium on vehicles of 350 cc and above to Rs 884 from Rs 804. In the draft, it had proposed a reduction to Rs 306. For bikes between 150-350 cc capacity, the premium will be Rs 462 (Rs 420 earlier) and for 75-150 cc Rs 464 (Rs 422).
For auto-rickshaws (three-wheeled vehicles carrying not more than six passengers), a 10% rise in motor third-party premium was announced. The new rates are effective April 1, 2014.


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