The Indian Insurance Regulatory and Development Authority (IRDAI) has announced a long-term third-party insurer for September-1 sales bikes and cars from all over the country.
The IRDA circular says that third-party insurance for 5 years for bikes and third-party insurance for cars for 3 years is mandatory. As a result, prices for Saturday’s bikes and cars are likely to rise across the country.
The IRDA has taken this action on the basis of a Supreme Court directive that a third party insurer, a new car for 3 years and a new baggage for five years, will be provided by public insurance companies. IRDA has also issued a circular.
According to the circular, 2 persons will be offered the insured person according to the long-term insurance plan for the newly introduced third party.
According to the first opportunity, third-party insurance for car and bikes can be purchased for 3 or 5 years.
According to the 2nd, you can get your own auto insurance coverage for 3 or 5 years for third-party insurance for car and bikes.
Third person insurance for cars with less than 1000 Cc will be Rs.5,286. The insurance for 1000 to 1500 cc cars is Rs.9,534 and the insurance for cars with 1500 Ccs will be Rs.24,305.
This is the third person insurance for less than 75 CCIs for Rs.1,045. The insurance for 75 to 150 cc bikes would be Rs.3,285, and 150 to 350 cc bikes would be Rs 5,453, and insurance for more than 350 cc bikes would be Rs 13,034.
(A) Private Cars
|Vechicle Category||Long Term Premium Rates for a 5-year Motor TP policy sold during the period – 1st Sep 2018 to 31st Mar 2019 (in Rs.)|
|Not exceeding 100 cc||5,286|
|Exceeding 100 cc||24,305|
(B) Two Wheelers
|Vehicle Category||Long Term Premium Rates for a 5-year Motor TP policy sold during the period – 1st Sep 2018 to 31st Mar 2019 (in Rs.)|
|Not exceeding 75 cc||1,045|
|Exceeding 75 cc but not exceeding 150 cc||3,285|
|Exceeding 150 cc but not exceeding 350 cc||5,453|
|Exceeding 350 cc||13,034|