For a change, 3rd-party insurance rates NOT hiked

TusharK · 3rd April 2020, 11:02

Insurance Regulatory and Development Authority of India (IRDAI) has deferred the hike in 3rd party motor insurance premium for FY2020-21 due to the Coronavirus lockdown.

For a change, 3rd-party insurance rates NOT hiked-howmotorinsuranceworks.jpg

Existing insurance premium rates for both 4-wheelers and 2-wheelers have been extended beyond March 31, 2020, until further notice.

It has been reported that IRDAI had proposed a substantial increase in the third-party motor insurance premium rates for FY2020-21.

For cars with engines below 1,000cc, premiums would have gone up from Rs. 2,072 to Rs. 2,182. For cars between 1,000cc and 1,500cc, third party premium was supposed to increase from Rs. 3,221 to Rs. 3,383. For vehicles with engine capacity of over 1,500cc, there was no hike proposed from the existing Rs 7,890.

The third-party premium rate for 2-wheelers with engines below 75cc was proposed to be hiked to Rs. 506 and for 2-wheelers between 75cc and 150cc, the premium was set to go up from Rs. 752 to Rs. 769. For 2-wheelers between 150cc and 350cc as well as 350cc and above, the proposed premium rates were Rs. 1,301 and Rs. 2,571 respectively.

Source

Link to Team-BHP News

johannskaria · 3rd April 2020, 13:06

They will most likely accommodate the compounded hike next year.

Though Their 'sandbox' ideating platform is getting us some innovative insurance solutions at last. That should help consumers better.

FrozeninTime · 8th March 2022, 10:03

The Government is set to hike Third party insurance rates with discounts for hybrid and electric vehicles.

https://www.google.com/amp/s/www.thenewsminute.com/article/third-party-insurance-premium-cars-two-wheelers-likely-go-april-1-161642%3famp

3rd April 2020, 11:02	#1
TusharK Senior - BHPian Join Date: Jul 2017 Location: Pune Posts: 6,262 Thanked: 55,784 Times	For a change, 3rd-party insurance rates NOT hiked Insurance Regulatory and Development Authority of India (IRDAI) has deferred the hike in 3rd party motor insurance premium for FY2020-21 due to the Coronavirus lockdown. Existing insurance premium rates for both 4-wheelers and 2-wheelers have been extended beyond March 31, 2020, until further notice. It has been reported that IRDAI had proposed a substantial increase in the third-party motor insurance premium rates for FY2020-21. For cars with engines below 1,000cc, premiums would have gone up from Rs. 2,072 to Rs. 2,182. For cars between 1,000cc and 1,500cc, third party premium was supposed to increase from Rs. 3,221 to Rs. 3,383. For vehicles with engine capacity of over 1,500cc, there was no hike proposed from the existing Rs 7,890. The third-party premium rate for 2-wheelers with engines below 75cc was proposed to be hiked to Rs. 506 and for 2-wheelers between 75cc and 150cc, the premium was set to go up from Rs. 752 to Rs. 769. For 2-wheelers between 150cc and 350cc as well as 350cc and above, the proposed premium rates were Rs. 1,301 and Rs. 2,571 respectively. Source Link to Team-BHP News
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3rd April 2020, 13:06	#2
johannskaria BHPian Join Date: Jul 2013 Location: MH 12 / KL 08 Posts: 795 Thanked: 2,105 Times	Re: For a change, 3rd-party insurance rates NOT hiked They will most likely accommodate the compounded hike next year. Though Their 'sandbox' ideating platform is getting us some innovative insurance solutions at last. That should help consumers better.
	() Thanks

8th March 2022, 10:03	#3
FrozeninTime BHPian Join Date: Sep 2010 Location: Chennai Posts: 325 Thanked: 794 Times	Re: For a change, 3rd-party insurance rates NOT hiked The Government is set to hike Third party insurance rates with discounts for hybrid and electric vehicles. https://www.google.com/amp/s/www.thenewsminute.com/article/third-party-insurance-premium-cars-two-wheelers-likely-go-april-1-161642%3famp
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