Every year the Insurance Regulatory and development Authority (IRDA) makes changes in the third party premium rates for motor insurance policies. This year too, the authority has made changes in the premium rates for motor third party liability cover. Here are the revised rates vis-à-vis the older ones for you to know –
For private cars
Premiums for smaller cars have gone down while the other rates remain the same
While premium for small engine bikes has reduced one fourth, premium for medium bikes has increased. Moreover, for luxury bikes above 350cc, the premium rates have more than doubled.
For passenger carrying vehicles (PCVs)
- For taxies carrying up to 6 passengers
The premium rates have decreased by 15% for all classes of taxies.
- There has been no change in taxies carrying more than 6 passengers
- For 3-wheeled autos
For goods carrying vehicles (GCVs)
- Public carriers
While for smaller vehicles the premium has not increased, for other vehicles, the increase is more than 10% depending on the vehicle’s weight.
- Private carriers
There is only one reduction in premium. Other values have either remained unchanged or have increased.
- Three wheeled autos
Both the premium rates have decreased by 20% or more in this category
You can inform your clients of the changes in the third party premium rates so that they can understand the changes in their motor insurance premiums. Recent changes have reduced the rates on quite a few categories making it easier for you to sell motor insurance policies to your clients due to the lower premium rates.
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