Over the last 2years, there was an increasing trend for the Third Party Insurance coverage for the owners of 4-wheelers and 2-wheelers. In this situation, the Insurance Regulatory and Development Authority of India (IRDA) has ordered a reduction in the insurance coverage amount for third party insurance for the year 2018-19.
This reduction has been arrived after giving due consideration on the data such as how many 2-wheeler/4-wheeler owners are claiming insurance each year and also the amount of insurance compensation given to their claims.
Accordingly, IRDA has now released the revised reduced rates for the third party insurance for the 2-wheeler and 4-wheeler owners for the year 2018-19.
As per this, the third party insurance amount for the cars under 1000 cc capacity has been fixed as Rs. 1850. This amount was Rs. 2055 last year.
As for the 2-wheelers, the third party insurance for the 2-wheelers under 75 cc capacities has been reduced to Rs. 427. For the year 2017-18, this was Rs. 569.
However, there is no change in the third party insurance amount for 2-wheelers of capacities 75 cc to 150 cc and it remains Rs. 720.
The third-party insurance coverage amount, for cars of capacities from 1000 cc to 1500 cc, remains at Rs. 2863 with no change.
For the cars of over 1500 cc capacity, the third party insurance has been fixed at Rs. 7890.
As for the freight vehicles of 7500 kg - 12000 kg, 12000 kg 20000 kg, and for higher capacities, the third party insurance will remain as per the last year.