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Good news for all vehicle owners as motor third-party insurance premiums have been increased only by few hundred rupees for most vehicles.
Both for private cars and two-wheelers, the rates from April 1 would only go up by Rs 65 to Rs 340 according to the motor premium rates revised by the Insurance Regulatory and Development Authority of India (Irdai).
For the two-wheeler category exceeding 350cc, there is no rise in motor third-party premium whereas for those below 75 cc, there is a rise below Rs 100.
Similarly, for goods vehicles, public carriers (other than three-wheelers) and heavy vehicles above 12,000kg, there is a rise. For taxis, too, the premium will go up by Rs 300-1,500.
Similarly, for three-wheelers carrying less than six passengers, it would be hiked by Rs 100.
Irdai had proposed a hike of premiums in the range of 14-108 per cent from April 1.
For 2015-16, general insurers had sought at least 40 per cent increase in motor third-party premiums.
Senior industry executives had said segments like two-wheelers (few categories) and auto-rickshaws where there have not been very large claims could be incentivised with a lower rate of premium hike while it could be higher for commercial vehicles.
