New Delhi: Owning a vehicle would now pinch pockets more, with third-party motor insurance premiums set to rise for two-wheelers, private cars and heavy load carriers from Wednesday.
“It is observed that the cost inflation index (CII) has increased by 9.05 per cent over the previous year, i.e. from 939 in FY 2013-14 to 1024 in FY 2014-15. “… the Authority hereby notifies the premium rates applicable to Motor Third Party Liability Insurance covers with effect from April 1, 2015,” said Insurance Regulatory and Development Authority (Irda) in a notification. The premiums are being revised after a gap of three years.
Owners having third-party cover for private cars of 1,000cc capacity would now have to pay premiums of Rs 1,468 from Rs 784, those exceeding 1,000cc but below 1,500cc will attract premium of Rs 1,598 (from Rs 925) and those above 1,500cc at Rs 4,931 (from Rs 2,853).
The third-party cover for two-wheelers of up to 150cc to 350cc capacity would attract premium of Rs 554 from the current Rs 350 and those exceeding 350cc would cost of Rs 884 as against Rs 680.
