Third-party Motor Insurance Premiums to See Marginal Hike

Get Car Insurance starting at only ₹2,094/year #
Car Insurance
Processing

Finally, the revised motor third-party insurance premiums are out in the press and have already been into effect from April 1, 2015. All vehicle owners can now take a sigh of relief as there has been only a slight increase of few hundred rupees in the premiums for most of the vehicles.

Read more

  • Renew policy in 2 minutes*

  • 20+ Insurers to choose

  • 1.2Cr+ Vehicles Insured

Car Insurance

#TP price for less than 1000 CC cars. All savings are provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.

Get Car Insurance starting at only ₹2,094/year #
Looking for Car Insurance?
    Other models
    Other variants
    Select your variant
    View all variants
      Full Name
      Email
      Mobile No.
      Secure
      We don’t spam
      View Prices
      Please wait..
      By clicking on “View Prices”, you agree to our Privacy Policy & Terms of Use
      Get Updates on WhatsApp
      Select Make
      Select Model
      Fuel Type
      Select variant
      Registration year
      Registration month
      Save & update
      Please wait..
      Search with another car number?

      We have found best plans for you!! Our advisor will get in touch with you soon.

      According to the motor premium rates revised by Insurance Regulatory and Development Authority of India (IRDAI), private car and two-wheeler owners will have to pay extra premium of Rs. 65 to Rs. 340.

      Customers having two-wheelers above 350 cc should be least bothered about the revised rates as their premium slab is kept unchanged. For people owning vehicle below 75 cc there is just a slight increase in the slab by Rs. 100.

      Likewise, rise in premiums has been noticed in case of goods vehicles, public carriers (other than three-wheelers) and heavy vehicles above 12,000 kg. A trivial amount of Rs. 100 is increased for three-wheelers that carry less than six passengers.

      On an average, the motor third-party insurance premiums are hiked within the range of 14-108%. Even, IRDAI had proposed the same range for hike which was expected to take effect from April 1.

      The general insurance industry had favored a hike of 40-50 per cent against a steeper raise proposed by regulator IRDAI.

      On the contrary, many senior executives and experts have also showed their resentment. According to them, small vehicles such as two-wheelers and three-wheelers should have lower premium rates and heavy commercial vehicles should be charged more premiums.

      “Overall, consumers conveyed their dissent against proposal to increase the rates. The general insurers conveyed that the current premium rates are inadequate and revision in rates matching levels of ultimate loss ratio of companies is required,” TS Vijayan, Chairman of IRDAI said in an order issued on 31st March 2015.

      (Source: This article has been adapted from the article "Low rise for motor third-party insurance premiums" that appeared on April 01, 2015 in business-standard.com)

      Find similar car insurance quotes by body type

      Hatchback Sedan SUV MUV
      Save upto 85% on Car Insurance
      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
       Why buy from policybazaar

      Car insurance articles

      Recent Articles
      Popular Articles
      IDV in Car Insurance

      22 Feb 2024

      In layman's terms, the IDV full form is the Insured Declared Value
      Read more
      Must-Have Car Insurance Addons for Brand New Cars

      31 Jan 2024

      Investing in a full-coverage car insurance policy is essential for
      Read more
      No Claim Bonus (NCB) in Car Insurance

      29 Jan 2024

      No Claim Bonus (NCB) is a reward given by an insurer to a
      Read more
      How to Choose the Right Car Insurance for Your First Car?

      17 Jan 2024

      Buying their first car is no less than a milestone unlocked for
      Read more
      Things To Know Before Purchasing Sedan Car Insurance

      12 Dec 2023

      The type of four-wheeler you purchase also impacts its insurance
      Read more
      Check Vehicle or Car Insurance Status/Validity Online
      It doesn’t matter if you are an excellent driver or take your car out only once in a few months; your car must be
      Read more
      Getting Your Duplicate Car Insurance Policy is Easy-Here’s How!
      Losing your car insurance documents can be daunting. In such a state of affairs, the first thing that comes to your
      Read more
      Find Car Insurance Details By Registration Number
      Sometimes, you may face situations when you need car insurance or vehicle owner details but cannot readily access
      Read more
      How to Transfer Car Insurance Policy?
      An integral part of selling a car for both the buyer and the seller is ensuring a successful car insurance transfer
      Read more
      Comprehensive Insurance Vs Third Party Insurance
      Comprehensive car insurance offers protection to the insured car against third-party liabilities and own damages due
      Read more

      #Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc

      *Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.