Third-Party Motor Insurance Premiums Are Going Up From June; Here Are Five Things You Should Know
Tue, 07/05/2022 – 10:16
After a two-year delay, third-party motor insurance premium rates are set to go up, starting this month. The Ministry of Road Transport and Highways and the Insurance Regulatory and Development Authority of India (IRDAI) released the final third-party liability premium rates last week.
For car- and two-wheeler owners, the hike is in the range of 0.1-20.7 percent, depending on your vehicle’s engine capacity (see table). For example, third-party motor insurance premiums for private cars with engine capacities of 1,000-1,500cc will rise to Rs 3,416, up by Rs 195. Likewise, for bikes with engine capacities of 150-350cc, you will have to shell out Rs 173 more, with third-party rates increasing from Rs 1,193 to Rs 1,366 earlier.