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Home / Business / Govt proposes to hike third-party motor insurance premium

Govt proposes to hike third-party motor insurance premium

According to the proposed rates, private cars with 1,000 cubic capacity (cc) will attract rates of Rs 2,094 compared with Rs 2,072 in 2019-20
Representational image.
Representational image.
Shutterstock

PTI   |   New Delhi   |   Published 06.03.22, 03:35 AM

The Union road transport ministry has proposed an increase in the third-party motor insurance premium for various categories of vehicles, which is likely to jack up insurance cost of cars and two-wheelers from April 1.

According to the proposed  rates, private cars with 1,000 cubic capacity (cc) will attract rates of Rs 2,094 compared with Rs 2,072 in 2019-20.

Similarly, private cars with 1,000cc to 1,500cc engines will attract rates of Rs 3,416 compared with Rs 3,221 earlier, while owners of car above 1,500cc will see a premium of Rs 7,897 compared with Rs 7,890.

Two-wheelers over 150cc but not exceeding 350cc will attract a premium of Rs 1,366 and for two-wheelers over 350cc the revised premium will be Rs 2,804.

After a two-year moratorium because of the Covid-19 pandemic, the revised third-party insurance premium will come into effect from April 1.

Earlier, third-party rates were notified by the insurance regulator IRDAI. This is also for the first time that the road transport ministry will notify the rates in consultation with the insurance regulator.

HDIL lenders to meet on March 9

Financial creditors of HDIL will meet on March 9-10 to discuss bids for the crisis-hit realty firm through insolvency proceedings, HDIL’s Resolution Professional Abhay N Manudhane said in a regulatory filing on Saturday.

However, the filing did not mention the agenda of the meeting.

Last month, HDIL had informed that its resolution professional has received 16 bids from nine applicants to acquire the company.



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