Vehicle insurance will become costlier from April 1 as the insurance regulator IRDAI, has decided to increase premiums by up to 40 per cent from the next fiscal.
Third-party motor insurance premium for small cars (up to 1,000 cc) will now be up 39.9 per cent to Rs.2,055 from Rs.1,468 being currently charged. The rise in mid-segment cars (1,000 - 1,500 cc) too is about 40 per cent.
The rise in premium for bigger cars and SUVs (above 1,500 cc) is 25 per cent, costing Rs.6,164 from April instead of the current Rs. 4,931.
The new premium for two-wheelers up to engine capacity of 75 cc is Rs.569 as against Rs.519, while that for two-wheelers going up to 150 cc is up 15 per cent to Rs.619; there is an increase of 25 per cent for bikes in the category of 150 cc - 350 cc. Basic third party (TP) premium for three-wheelers too has been increased. A new category ‘e-rickshaw’ (capacity of up to 6 passengers) has been introduced and the basic TP premium has been fixed at Rs.1,125.
