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The Indian Insurance Regulatory and Development Authority (IRDA) has announced that the third-party motor insurance premium rates has been hiked by up to 40 per cent for the year 2016–17. The new rates will be applicable from 1 April 2016. However, the rates will differ with the capacity and make of the vehicles, respectively.
Meanwhile, the two-wheeler insurance premiums will also be increased by up to 25 per cent. The premium on two-wheelers below 75cc has been kept at 9.6 per cent, while those bikes coming between 75cc and 150cc, will be liable for 25 per cent hike. However, the motorcycles lying above 350cc got their premium rates reduced by 10 per cent.
The premium rates for the E-rickshaws will be fixed at Rs. 1,125. The premium hike for the commercial vehicles has been kept in the range of 15–30 per cent. Here is the list of vehicle-types that are liable for the premium rate hike.
Below 1500cc - 40%
Above 1500cc - 25%
Two-wheelers below 75cc - 9.60%
Two-wheelers below 150cc(above 75cc) - 15%
Two-wheelers between 150cc-350cc - 25%
Two-wheelers above 350cc - 10%
Public Carriers - 15-30%
Auto rickshaws - 3.20%
Goods carrier below 12000kgs- NA
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