Insurance premium payment for vehicles up from 1st April
Posted on: 30/Mar/2018 2:49:49 PM
IRDAI (The Income Tax regulatory Authority of India) has issued an order with a steep increase in the insurance amount for the year 2018-19 all vehicles including 2-wheelers and others including heavy duty trucks.
This steep upward revision will be implemented from 1st April.
Accordingly, the insurance amount has been fixed at Rs. 985 for the 2-wheelers with 151 cc to 350 cc capacity. This is up by Rs. 98 as compared to the last year and constitutes an 11% increase.
For the 2-wheelers with a capacity over 350 cc, the insurance amount is fixed at Rs. 2323/ This is up by Rs. 1304 as compared to last year and constitutes a 128% increase.
For the smaller fright trucks/lorries with a capacity from 7500 to 12000 kg weight, the insurance amount is fixed at Rs. 24190. This is up by Rs. 4523 as compared to the last year and constitutes an increase of 23%.
For the 6-wheeler trucks with a capacity of weight from 12000 to 20000 kg, the insurance amount is fixed at Rs. 32367. This is up by Rs. 3468 as compared to the last year and constitutes an increase of 12%.
For the vehicles with weights from 20000 kg to 40000 kg (10, 12, and 14 wheeler trucks), the insurance amount is fixed at Rs. 39849. This is up by Rs. 8223 as compared to the last year and constitutes an increase of 26%.
For heavy-duty vehicles over 40000 kg weight, the insurance amount is fixed at Rs. 38308. This is up by Rs. 5282 as compared to the last year and constitutes an increase of 16%.
In a similar trend, the insurance amount for passengers’ auto, 17-passengers vehicles is up by 17%.
