New Delhi: Premium for third party insurance cover of almost all categories of vehicles will increase by 10-20% from April 1. The Insurance Regulatory and Development Authority (IRDA) has notified the increase, which is substantially lower than the changes indicated in the draft exposure.
In an official statement, IRDA said as per the exposure draft, there was wide variation in premium charges among various subclasses. It said the authority decided to moderate the increase considering the "sudden and adverse impact" on policyholders of huge increase in rates. The authority also took the decision based on the observation of stakeholders. It also said considering the wide variation in premium charges among the various subclasses, the subclasses were clubbed together and a flat single revision was considered for the vehicle class.
A maximum increase of 20% in third party premium will be in the case of private cars, goods carrying vehicles (public carriers), four-wheelers carrying more than six persons and three-wheelers transporting over 17 passengers. In the draft notification, a 39% hike in premium was proposed for private cars and a 46% increase was proposed for cabs carrying over six persons. Third party insurance for two-wheelers will increase by 18.3%.
There are only three categories of vehicles – goods carrying vehicles (private carriers), three-wheelers carrying less than six passengers and vehicles like Vikram carrying less than 17 passengers – which won't be affected by the hike.
One of the largest truckers' body in the country – All India Motor Transport Congress (AIMTC) – has opposed the IRDA move.
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