3rd party insurance policy premium down for vehicles
Posted on: 19/Apr/2017 10:25:59 AM
The amount of the insurance policy premium for vehicles insurance coverage was increased on 28th March. This action met with a strong protest from several fronts. As a result, the 3rd party insurance policy premium for motor vehicles has come down again. The premium for the commercial vehicle 3rd party cover has come down considerably.
The Insurance Regulatory and Development Authority of India (IRDAI) had announced on 28th March increasing the insurance policy premium for motor vehicles for the current financial year 2017-18.
The heavy duty vehicle owners strongly protested against this. The lorry owners strike started demanding the withdrawal of the additional VAT on petrol/diesel and 3rd party insurance policy premium increase.
Following this, IRDAI agreed to reduce the 3rd party insurance premium policy and the strike was withdrawn.
IRDAI has released the order reducing the 3rd party insurance premium amount. However, there is no change that the policy premiums are higher as compared to the previous year.
No changes in the 2-wheelers below 150cc capacity insurance policy premium - Rs. 569 (up to 75cc) and Rs. 750 (75cc- 150cc).
150cc - 350cc capacity 2-wheelers - down from Rs. 978 to Rs. 887. 350cc and above - down from Rs. 1194 to Rs. 1019.
No change in the amount for 4-wheelers (cars) below 1000cc capacity - same at Rs. 2055.
Medium capacity cars (1000cc to 1500cc) down from Rs. 3335 to Rs. 2863. Cars above 1500cc capacity down from Rs. 9246 to Rs. 7890.
For trucks - Goods vehicle above 40-ton weight - down from Rs. 36120 to Rs. 33024.
Further, the insurance premium policy is down for other types of vehicles such as e-rickshaw and other passenger vehicles.
