Insurance price hike: Now third party Insurance more expensive!

Before Insurance price hike, rising prices, tax cuts, cuts in subsidies and the lid on subsidies continue to be the central business

Before Insurance price hike, rising prices, tax cuts, cuts in subsidies and the lid on subsidies continue to be the central business. 

With uncontrolled inflation it has already become difficult to pull a livelihood. If petrol and diesel prices go up, the eyes are wide open.

Care must be taken to insure the vehicle before anything goes wrong. Third party insurance, however, was available to everyone at a lower premium, despite the many categories of insurance. Motorists pay for third party insurance regularly, no matter how financially distressed they may be. Now the center has raised third-party insurance payments. Revised prices came into effect from June 1, 2022.

Revised Third Party Insurance details are as follows

• Third party insurance for cars with 1000cc engine capacity has been fixed at Rs. 2,094. Previously in 2019-20 this amount was Rs 2,072
• Third party insurance for cars with 1000 to 1500cc engine capacity will come into effect at Rs. 3,416. Previously it was limited to Rs 3,221.
• Third party insurance for for cars with a capacity of 1500cc and above has been revised to Rs 7,890, which are mostly used by Big-shots. Previously it was Rs 7,897. The premium has been reduced by Rs 7 in this category alone.
• In the case of two-wheeler, the third party premium for 150 to 350 cc has been fixed at Rs 1,366. For bikes with 350cc, the total is Rs 2,804.

Regarding electric vehicles

Third party insurance for electric cars with a capacity of 30 kilowatts is fixed at Rs. 1,780. Between 30 and 65 kilowatts, it is Rs 2,904.

Increased Third Party Premium for Commercial Goods Carriers (12,000 kg to 20,000 kg) to Rs. 35,313. Previously it was Rs 33,414. The premium for commercial vehicles exceeding Rs 40,000 kg is Rs 44,242.

Into the hands of the central government

In the past, vehicle insurance policies were regulated by the Insurance Regulatory and Development Authority of India (IRDIA). This time the center took on these responsibilities. To this end, for the first time, the Union Ministry of Transport and National Highways has taken up the task of revising third party insurance.

Telangana

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