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Insurance payment for 2-wheelers & 4-wheelers up by 40 percent
Posted on: 31/Mar/2016 3:54:19 PM
The insurance payments for 2-wheelers and 4-wheelers have been increased by 40 percent.
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 percent 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 percent and will be RS. 2237/-.
However, the insurance payment for Sedan cars with more than 1500 cc capacity has been increased only by 25 percent.
Insurance payments are up for motorcycles as well. The insurance payment for Motorcycles below 75 cc capacity is up by 9.6 percent. For motorcycles with 75 to 150cc, it is up by 15 percent.
For Premium type motorcycles with 150 cc to 350 cc, the insurance payment rates are up by 25 percent.
As per the revised system by IRDA, the insurance payment for autos is up by 3.2 percent
| Engine category (Private cars) | Existing premium (Rs) | Premium w.e.f April 1, 2016 (Rs) | Change % |
| Not exceeding 1000 cc | 1468 | 2055 | 40% |
| Exceeding 1000cc but not exceeding 1500 cc | 1598 | 2237 | 40% |
| Exceeding 1500 cc | 4931 | 6164 | 25% |
| Two wheelers | |||
| Not exceeding 75 cc | 519 | 569 | 10% |
| Exceeding 75 cc but not exceeding 150 cc | 538 | 619 | 15% |
| Exceeding 150 cc but not exceeding 350 cc | 554 | 693 | 25% |
| Exceeding 350 cc | 884 | 796 | -10% |
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