This was announced by the Ministry of Road Transport and Highways by issuing a notification. This time this announcement has been made by the Ministry instead of the Insurance Regulatory and Development Authority of India (IRDAI).
Third party insurance has become expensive from now on. That is, now you have to pay more premium for it. Actually, the Ministry of Road Transport and Highways has increased the premium of third party insurance.
Third party insurance has become expensive from today. That is, now you have to pay more premium for it. Actually, the Ministry of Road Transport and Highways has increased the premium of third party insurance. Because of this, buying two-wheeler and four-wheeler has become expensive. The new premium will be applicable on all types of vehicles, old and new. An increase in premium also means that now you buy a new vehicle, then more money will have to be spent for it.
Up to 17% higher premium on new two-wheelers
If you buy a new two-wheeler from today, then its third party insurance premium will be 17% more expensive. Increase in third party insurance premium has led to increase in the price of the vehicle.
Insurance of old two-wheeler also became expensive
Suppose you are planning a two-wheeler whose engine is more than 150cc but less than 350cc, then you will have to spend up to 15% more on its insurance. That is, up to Rs 1366 will have to be spent for such a bike.
For bikes that have an engine of 350cc or more power, Rs 2,804 will have to be spent. These prices are for Third Party Insurance.
Up to 23% more premium will have to be paid in the new four-wheeler
Now when you buy a new car, then you will have to spend 23% more on third party insurance premium for that. This is for cars that are up to 1000cc and are taking insurance for 3 years. Third party insurance premium will be 11% more expensive on new private four-wheelers from 1000cc to 1500cc.
Insurance of old four-wheeler will also be expensive
Now suppose you are planning a 1000cc to 1500cc car or SUV, then you will have to pay 6% more premium for this. That is, now for a private four-wheeler, a third party insurance premium of Rs 3,416 will have to be paid, which was Rs 3,221 earlier.
Similarly, if you are buying a private four-wheeler with an engine power of more than 1500cc, then it will get a little overnight at a premium. You will now have to pay a premium of Rs 7,890 on these cars, which was Rs 7,897 earlier.
Hybrid, electric vehicle will now get big relief, know how
There will be a discount of 7.5% on premium for hybrid and electric vehicles. Now the three-year premium for an e-car with a capacity of up to 30 kW will be Rs 5,543. At the same time, the three-year premium for an e-car between 30 kW and 65 kW will be Rs 9,044. An e-car with a capacity of more than 65 kW will now have to pay Rs 20,907 for a three-year premium.
Must know what is third party insurance
The vehicle owner who has third party insurance gets this facility that if there is a loss of any third party in an accident caused by that vehicle, then the insurance company pays the claim to the third party. Third party insurance has been made mandatory to cover financial loss due to vehicle accident. Without this insurance, it is not allowed to take a vehicle on the road.
