BimanowBimanow
  • Home
  • Vehicle Insurance
    • Four Wheeler
    • Two Wheeler
  • Health Insurance
  • Life Insurance
  • Other Insurance
    • Home Insurance
    • Travel Insurance

Subscribe to Updates

Subscribe to our Newsletter for the latest update.

Thank you!
What's Hot

Invest in guaranteed return plans for higher returns and financial security

September 9, 2022

How To Initiate A Life Insurance Claim Upon Maturity?

September 8, 2022

Insurance claims independent of human errors, say industry players

September 7, 2022
Facebook Twitter Instagram
BimanowBimanow
Facebook Twitter Instagram LinkedIn
  • Home
  • Vehicle Insurance
    1. Four Wheeler
    2. Two Wheeler
    3. View All

    How Do You Get Insurance When Buying a New Car?

    August 25, 2022

    Premium based on your Driving Behavior

    July 25, 2022

    Advantages and Disadvantages of Car Insurance Brand Loyalty Discount

    May 30, 2022

    Third-party Insurance Rates Hiked from June

    May 27, 2022

    Does bike insurance policy cover fire damage

    September 3, 2022

    All you need to know about passenger cover in two wheeler insurance

    August 6, 2022

    Why to renew two wheeler insurance before monsoon

    August 1, 2022

    How to Select the Most Appropriate Two-Wheeler Insurance Policy in India

    July 27, 2022

    How can EV insurance be normalised?

    September 6, 2022

    Does bike insurance policy cover fire damage

    September 3, 2022

    How Do You Get Insurance When Buying a New Car?

    August 25, 2022

    All you need to know about passenger cover in two wheeler insurance

    August 6, 2022
  • Health Insurance

    How much health insurance do you need?

    September 2, 2022

    How To Cover Your Entire Family Under Health Insurance?

    August 30, 2022

    5% GST on hospital room rent: How will it impact health insurance policyholders?

    August 13, 2022

    Can Life Insurers Offer Health Plans?

    July 22, 2022

    Why Stick To Standard Health Insurance Policies When You Can Create One On Your Own?

    June 17, 2022
  • Life Insurance

    Invest in guaranteed return plans for higher returns and financial security

    September 9, 2022

    How To Initiate A Life Insurance Claim Upon Maturity?

    September 8, 2022

    Term Insurance Plan under MWP Act: How to buy and why it is important

    September 1, 2022

    Importance of Insurance And Term Life Insurance FAQs You Need To Know

    August 31, 2022

    How to Choose the Amount of Coverage You Need for Term Insurance

    August 26, 2022
  • Other Insurance
    1. Home Insurance
    2. Travel Insurance
    3. View All

    Home Insurance: Take cover for your home and its contents, too

    June 13, 2022

    Securing a Home Loan Liability: Home Loan Insurance or Term Policy?

    April 27, 2022

    Handy Tips When Choosing Home Insurance Policy in India

    April 15, 2022

    Home Insurance Quotes: How to Evaluate Them Online?

    April 6, 2022

    Here’s How Your Personal Accident Insurance Policy Can Protect Your Financial Well-Being

    September 5, 2022

    12 Travel Tips For a Stress-free Holiday

    May 12, 2022

    Everything You Should Know- Universal Travel Pass

    April 8, 2022

    Travel Insurance – Travel With CARE

    April 4, 2022

    Insurance claims independent of human errors, say industry players

    September 7, 2022

    Here’s How Your Personal Accident Insurance Policy Can Protect Your Financial Well-Being

    September 5, 2022

    Irdai wants life insurance firms to eye 50% premium growth in 5 years

    July 16, 2022

    Effective cybersecurity requires more than an insurance plan

    July 13, 2022
BimanowBimanow
Home»Vehicle Insurance»Third-party Insurance Rates Hiked from June
third-party insurance rates hiked
Vehicle Insurance

Third-party Insurance Rates Hiked from June

May 27, 2022No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest WhatsApp Email

Third-party insurance rates hiked

According to a revised rate notified by the ministry, the premium for private cars with 1000 cc engine capacity will now be ₹2,094 as against ₹2,072 in the year 2019-20.

If you plan to buy a new car or two-wheeler, get ready to pay more to drive one home from June 1. Buying a new car or two-wheeler is going to be expensive across the country from next month as the cost of third-party insurance premiums has been hiked. The rates have been hiked for the first time in last three years. The Ministry of Road Transport and Highways issued a notification on Wednesday, giving details on how much one should pay after the hike.

According to the notification, there will be a premium increase of 15 percent on two-wheelers above 150cc. Similarly, from June 1, a premium of 6 percent will have to be paid on a private car from 1000cc to 1500cc. Private cars with an engine capacity between 1,000 cc and 1,500 cc will attract rates of ₹3,416 compared to ₹3,221, while owners of cars above 1,500 cc will see a drop in premium from ₹7,897 to ₹7,890.

Apart from this, the third party premium for the new private car will have to be paid 23 percent more. This is for vehicles up to 1000cc with a one-time tenure of 3 years. According to the ministry, private cars with an engine capacity of 1,000 cc will attract rates of ₹2,094 compared to ₹2,072 in 2019-20.

If you buy a new private car, then the third-party insurance premium of this car will be 11 percent more expensive. This premium will be provisioned for vehicles from 1000cc to 1500cc. Similarly, for new two-wheelers, the third-party premium will have to be paid 17 percent more. That is, overall the final price of your vehicle is bound to increase.

There could be a relief for those looking to buy hybrid electric vehicles. According to new rates, a discount of 7.5 per cent on the premium shall be allowed for hybrid electric vehicles. While electric private cars not exceeding 30KW will attract a premium of ₹1,780, those exceeding 30 KW but not 65 KW will attract a premium of ₹2,904.

READ ALSO: Policy Cancellation, Grievance Redressal And Three Other Rights Health Insurance Buyers Can Exercise

There has been a slight increase in third-party insurance premiums on commercial goods vehicles as well.

The third-party insurance cover is for other than own damage and is mandatory along with the own damage cover that a vehicle owner has to purchase. This is the first time that the ministry itself has issued a notification on the third-party motor insurance rate hike. Earlier, the third-party rates were notified by the Insurance Regulatory and Development Authority of India.

Featured

Related Posts

Invest in guaranteed return plans for higher returns and financial security

September 9, 2022

How To Initiate A Life Insurance Claim Upon Maturity?

September 8, 2022

Insurance claims independent of human errors, say industry players

September 7, 2022
Add A Comment

Comments are closed.

Bimanow – All Things Insurnce
Recent Posts
  • Invest in guaranteed return plans for higher returns and financial security
  • How To Initiate A Life Insurance Claim Upon Maturity?
  • Insurance claims independent of human errors, say industry players
  • How can EV insurance be normalised?
  • Here’s How Your Personal Accident Insurance Policy Can Protect Your Financial Well-Being
Don't Miss

Invest in guaranteed return plans for higher returns and financial security

September 9, 20225 Mins Read

In contrast to a high-risk, high-reward strategy, guaranteed return plans provide you with future assurance.…

How To Initiate A Life Insurance Claim Upon Maturity?

September 8, 2022

Insurance claims independent of human errors, say industry players

September 7, 2022

How can EV insurance be normalised?

September 6, 2022
Stay In Touch
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • LinkedIn
Our Picks

Invest in guaranteed return plans for higher returns and financial security

September 9, 2022

How To Initiate A Life Insurance Claim Upon Maturity?

September 8, 2022

Insurance claims independent of human errors, say industry players

September 7, 2022

How can EV insurance be normalised?

September 6, 2022

Subscribe to Updates

Subscribe to our Newsletter for the latest update.

Thank you!
About Us
About Us

Bima Now is the best source for finding all information related to Insurance in India. We are not affiliated with any single insurance provider as we aim to give you the most authentic information.

Email Us: [email protected]

Facebook Twitter Instagram Tumblr LinkedIn
Our Picks

Invest in guaranteed return plans for higher returns and financial security

September 9, 2022

How To Initiate A Life Insurance Claim Upon Maturity?

September 8, 2022

Insurance claims independent of human errors, say industry players

September 7, 2022
© 2023 Aneemarcom. Designed by Aneemarcom.
  • Home
  • About Us
  • Insurance
  • News
  • Contact Us

Type above and press Enter to search. Press Esc to cancel.

Go to mobile version