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Car, commercial vehicles and two wheelers owners would have been paying more towards insurance with enhanced Motor insurance rates which have come into effect from April 1, 2012. With the new rates which have come into effect; the premium rates on third party motor insurance in certain cases will go up by as much as 40 percent as per IRDA's notification.
This change is in line with IRDA's announcement that mentioned revision of rates on third party motor insurance premium at the end of each fiscal year. Considering third-party insurance cover protects the vehicle owner from any financial liability, in case of damage to life or property in an accident to the third person; it is not only mandatory it is also very important for every vehicle owner.
According to the new rates, private car owners would have to pay premium depending on the size of the vehicles, with the increase in the range of 60-40 percent. Owners of cars upto 1000 cc engine capacity will have to shell out a third party premium of Rs 784, for cars with engine capacity of between 1000cc and up to 1500cc, the rate is Rs 925 and for cars with over 1500cc engine capacity; the premium rate will be Rs 2853 per year. The IRDA notice has also enhanced premium rates for vehicles such as trailers, four wheeler passenger carriages (depending on their engine capacity and seating capability), motorised two-and three-wheeler vehicles for carrying passenger for hire among others.
