Kumari Palany & Co

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Third party insurance premium upticks

Posted on: 29/Mar/2017 5:05:18 PM
In the past 3 years, there has been close to 70 percent increase in third party motor insurance premiums of private cars.
 
According to data sourced from the Insurance Regulatory and Development Authority of India, an increase of between 40 and 96 percent is implemented in the policy rate.
 
In the Financial year 2015-16, the insurance premium for a 1500cc car was Rs 1,598. This got increased to Rs 3,132 starting from FY18. Likewise, with the other high end cars that exceed 1500cc, the premium amount has rose up to Rs 8,630 which was earlier Rs 4,931 in FY16.
 
In the past 3 years, there is a 10 to 75 percent hike in third party premium of motorcycles, bikes and scooters. The highest of all these increases in premium is 75 percent increase of premium in FY18 and Rs 554 in FY16.
 
Starting from 1st April, the new revised rates of motor third party insurance will come into effect.