Motor Insurance: Insurance of vehicles will become expensive from April 1, know how much your expenses will increase

Motor Insurance: Insurance of vehicles will become expensive from April 1, know how much your expenses will increase

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Motor Insurance: Now car, bike or other vehicle owners will have to spend more rupees for third party insurance of vehicles from next month. The Insurance and Regulatory and Development Authority of India (IRDAI) has prepared a proposal to increase the rates of third party insurance (3rd-party motor insurance premium) of motor vehicles. It is believed that the new rates will be applicable for the financial year 2022-23. That is, from April 1, you will have to pay more for insurance. This decision has been taken after two years due to the Kovid-19 epidemic.

After a decision of the Supreme Court in 2018, it is mandatory to take 5 years third party insurance and 3 years third party insurance for four wheelers while buying new two wheelers. According to the Motor Vehicle Act, any vehicle that moves on the road, it is necessary to have third party insurance. Insurance premium is determined by IRDAI (IRDAI.). The premium changes every year. There has been no change in it due to Corona for the last two years.

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Car owners will be burdened
According to the report, the third party insurance premium on 1000 cc cars was Rs 2072, which will increase to Rs 2094 after the increase. Similarly, for the third party insurance of 1500 CC vehicles, Rs 3416 is proposed to be paid, earlier Rs 3221 had to be paid for this. At the same time, vehicle owners above 1500 cc will have to pay a premium of Rs 7897 after the increase, which was Rs 7890 earlier.

two wheeler
Two-wheeler vehicles between 150 cc-350 cc will attract a premium of Rs 1,366 and two-wheeler vehicles above 350 cc will attract a premium of Rs 2,804. Apart from this, the premium for commercial vehicles will be between Rs 16,049 and Rs 44,242. For private individuals, the premium will be between Rs 8,510 to Rs 25,038.

Also read- These are the top 5 Electric Two-Wheeler companies in the country, leaving the giants behind in sales

long term insurance
The three-year single premium for e-cars has been revised and will attract a premium of Rs 6,521 to Rs 24,596. Similarly, the five-year single premium for new two-wheelers will come with a premium of Rs 2,901 to Rs 15,117 depending on their displacement.

Tags: auto news, Autofocus, car insurance, Insurance

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