From June 1, the burden of driving will increase on your pocket.
However, for private cars above 1500 cc, the premium for third party insurance has been reduced and it will come down from Rs 7,897 to Rs 7,890.
The burden on the pockets of the people facing inflation is going to increase from next month. Third party motor insurance for all vehicles including cars, bikes (Third Party Motor Insurance) the premium is going to increase. The Ministry of Road Transport and Highways has increased the premium for third party motor vehicle insurance for different categories of vehicles, which will be effective from June 1. Because of this, car and two-wheeler insurance is likely to be expensive. Let us inform that earlier, the premium for third party motor insurance for vehicles was revised in 2019-20.
According to the revised rates notified by the ministry, the premium for private cars with 1000cc capacity engine will now be Rs 2,094 as against Rs 2072 for the year 2019-20. Similarly, the premium for private cars with 1000 to 1500 cc engine will now be Rs 3,416 instead of Rs 3,221. However, for private cars above 1500 cc, the premium for third party insurance has been reduced and it will come down from Rs 7,897 to Rs 7,890.
The premium of two wheelers has increased so much
Similarly, the premium for two wheelers from 150 to 350 cc will be Rs 1,366 while for two wheelers above 350 cc this rate will be Rs 2,804.
Third party motor insurance premium increased after 2 years
After a moratorium of two years due to the COVID-19 pandemic, the revised TP insurance premium will be applicable from June 1. Earlier, the rates were notified by the Insurance Regulatory and Development Authority of India (IRDAI). This is the first time that the Ministry of Road Transport and Highways (MoRTH) has notified third party rates in consultation with the insurance regulator.
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Source: www.tv9hindi.com
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