COIMBATORE: There is in spite of everything some cheer for vehicle owners. After increasing motor third-party (TP) premiums for two consecutive years, the Insurance Regulatory and Development Authority of India (IRDAI) has proposed lower or flat charges for most vehicle categories in 2018-19. The IRDAI revises top rate charges once a year after making an allowance for the number of claims made and loss ratio for insurers. Motor TP cover is obligatory for all cars and covers the liability bobbing up from third-party claims because of injuries.
The regulator has proposed Rs 1,850 as motor TP top rate for personal cars no longer exceeding 1,000cc for 2018-19, compared with Rs 2,055 for 2017-18. For two-wheelers no longer exceeding 75cc, it's Rs 427 in opposition to Rs 569 in the earlier year.
The IRDAI had hiked motor TP insurance top rate through 28% for cars in 1,000-1,500cc and those exceeding 1,500cc categories all over 2017-18 after proposing a 40% hike in charges earlier. Same is the case with two-wheelers in the 150-350cc class, in addition to those exceeding 350cc.
Motor TP premiums would stay at the identical levels for personal cars in the 1,000-1,500cc in addition to above 1,500cc categories. While the IRDAI has proposed the same motor TP top rate for two-wheelers in the 75-150cc segment, it has come up with a marginal hike for those in the 150-350cc class. The regulator has, on the other hand, proposed a twofold hike for two-wheelers exceeding 350cc. The motor TP top rate for those tremendous bikes has been pegged at Rs 2,323. A discount of 50% would be allowed for personal cars underneath the ‘antique cars’ segment as qualified through the ‘Vintage and Classic Car Club of India’.
There would be a hike in charges for goods carrying cars (public carriers instead of three-wheelers) in several categories — 7,500-12,000kg, 12,000-20,000kg, 20,000-40,000kg and above 40,000kg. The regulator has, on the other hand, proposed no alternate in the top rate for those the place the gross vehicle weight, or GVW, does no longer exceed 7,500kg. In the private segment of this class, there would be either a average build up or no hike at all throughout categories.
Motor TP top rate would be reduced for goods carrying motorised three-wheelers and motorised pedal cycles which might be used as public in addition to private carriers. There would be a modest build up in charges for tractors of up to 6HP.
The regulator has proposed Rs 1,850 as motor TP top rate for personal cars no longer exceeding 1,000cc for 2018-19, compared with Rs 2,055 for 2017-18. For two-wheelers no longer exceeding 75cc, it's Rs 427 in opposition to Rs 569 in the earlier year.
The IRDAI had hiked motor TP insurance top rate through 28% for cars in 1,000-1,500cc and those exceeding 1,500cc categories all over 2017-18 after proposing a 40% hike in charges earlier. Same is the case with two-wheelers in the 150-350cc class, in addition to those exceeding 350cc.
Motor TP premiums would stay at the identical levels for personal cars in the 1,000-1,500cc in addition to above 1,500cc categories. While the IRDAI has proposed the same motor TP top rate for two-wheelers in the 75-150cc segment, it has come up with a marginal hike for those in the 150-350cc class. The regulator has, on the other hand, proposed a twofold hike for two-wheelers exceeding 350cc. The motor TP top rate for those tremendous bikes has been pegged at Rs 2,323. A discount of 50% would be allowed for personal cars underneath the ‘antique cars’ segment as qualified through the ‘Vintage and Classic Car Club of India’.
There would be a hike in charges for goods carrying cars (public carriers instead of three-wheelers) in several categories — 7,500-12,000kg, 12,000-20,000kg, 20,000-40,000kg and above 40,000kg. The regulator has, on the other hand, proposed no alternate in the top rate for those the place the gross vehicle weight, or GVW, does no longer exceed 7,500kg. In the private segment of this class, there would be either a average build up or no hike at all throughout categories.
Motor TP top rate would be reduced for goods carrying motorised three-wheelers and motorised pedal cycles which might be used as public in addition to private carriers. There would be a modest build up in charges for tractors of up to 6HP.
Motor vehicle third-party cover premiums to become cheaper
![Motor vehicle third-party cover premiums to become cheaper]()
Reviewed by Kailash
on
March 10, 2018
Rating:
