Motor insurance: From June 1, vehicle owners will have to pay higher third-party motor insurance premiums. For private cars up to 1,000 cc engine capacity, the premium will rise to Rs 2,094 from Rs 2,072; for those exceeding 1000 cc but less than 1500 cc. Bad news for vehicle owners, motor insurance premiums increased.
The premium would increase to Rs 3,416 from Rs 3,221 and for those above 1,500 cc, the premium would increase to Rs 7,897 from Rs 7,890. The premium for two-wheelers up to 75 cc will rise around 12% to Rs 538 from Rs 482. For two-wheelers exceeding 75 cc but up to 150 cc (the most-popular category) the premium remains the same at Rs 714.
For those exceeding 150cc but up to 350 cc, the premium will rise to Rs 1,366 from Rs 1,193 and for those above 350cc, it will go up by 21% to Rs 2,804 from Rs 2,323, according to a government notification. Third-party motor insurance is mandatory under the Motor Vehicles Act and insurers will have to ensure that the cover is available at their underwriting offices.
Third-party motor insurance is mandatory under the Motor Vehicles Act and insurers will have to ensure that the cover is available at their underwriting offices. Private cars registered as vintage cars will get a 50% discount on the premium. A discount of 7.5% on the premium will be given for hybrid electric vehicles.
For the electric vehicles segment, the premium for private cars not exceeding 30 KW power output, the premium will be Rs 1,780, for those exceeding 30 KW but up to 65 KW, the premium will be Rs 2,904; those over 65 KW, the premium will be Rs 6,712. Similarly, for electric two-wheelers below 3 KW, the premium will be Rs 457; for those between 3KW and 7 KW, the premium will be Rs 607.
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For those between 7KW and 16 kW, the premium will be Rs 1,161 and for those above 16 KW, the premium will be Rs 2,383. General insurers can offer five-year third-party cover for two-wheelers and three-year third-party cover policy for four-wheelers. For new cars, customers can opt for a three-year cover.
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The three-year single premium for new private cars below 1000 cc will be Rs 6,521. For those between 1,000 cc and 1,500 cc, the premium will be Rs 10,640 and for those above 1,500 cc, the premium will be Rs 24,596. The five-year single premium for new two-wheelers below 75 cc will be Rs 2,901; between 75 cc and 150 cc the premium will be Rs 3,851; for those between 150 cc and 350 cc, the premium will be Rs 7,365 and for those above 350 cc will be Rs 15,117.
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