Hyderabad: The Insurance Regulatory and Development Authority of India has provided some relief to individual owners of two-wheelers, cars and auto-rickshaws, by revising third-party insurance premium.
As some governments introduced the two-wheeler cab system last year, the IRDA has also introduced third-party insurance for passengers.
IRDA chief Yegna Priya Bharath informed that the orders issued on March 28, 2017 were revised on April 17, 2017.
As per the revised orders, premium for personal cars below 1,000 cc has been fixed at Rs 2,055, for personal cars between 1,000 cc and 1,500 cc Rs 2,863 (reduction by Rs 230) and for cars over 1,500 cc, the premium has been fixed at Rs 7,890 (reduced by Rs 750).
For two-wheelers below 75cc, the premium will be Rs 569, for 75 to 150cc it will be Rs 720, for 150 to 350 cc, it will be Rs 887 and for two-wheelers exceeding 350 cc, the premium will be '1,019.
Two-wheeler cabs should pay third-party premium for passengers and the premium is revised as follows: Rs 790 + Rs 532 (for passenger) for two-wheeler below 75cc, 75 to 150cc and 150 to 350cc. The two-wheeler cabs exceeding 350cc should pay Rs 2,067 + Rs 532 (for passenger).
The IRDA did not mention the revised premium of lorries and medium goods vehicles as matter is still under consideration.
