IRDA increases Motor Third Party Premium Rates

IRDA has revised the Motor Third Party Premium w.e.f 01.04.2016 and thereafter all the policies commencing on or after 31th midnight (12’00 clock) will have these Third Party rates.

1.        Class of Vehicle – Private Car Premium in Rs.
a)        Not exceeding 1000cc 2055
b)        Exceeding 1000 cc but not exceeding 1500 cc 2237
c)        Exceeding 1500 cc 6164

 

2.        Class of Vehicle – Two Wheelers Premium in Rs.
a.        Not exceeding 75cc 569
b.        Exceeding 75 cc but not exceeding 150cc 619
c.        Exceeding 150 cc but not exceeding 350cc 693
d.        Exceeding 350cc 796

 

3.        Class of Vehicle – Commercial Vehicle
A.1 – Goods Carrying Vehicle Public Carrier (Other than 3 Wheeler) Premium in Rs.
a.        Gross Vehicle Weight (GVW) not exceeding 7500 Kgs 14390
b.        GVW Exceeding 7500 Kgs but not exceeding 12000 kgs 15365
c.        GVW Exceeding 12000 Kgs but not exceeding 20000 kgs 22577
d.        GVW Exceeding 20000 Kgs but not exceeding 40000 kgs 24708
e.        GVW Exceeding 40000 kgs 25800

 

A.2 – Goods Carrying Vehicle Private  Carrier (Other than 3 
           Wheeler)
Premium in Rs.
a)        Gross Vehicle Weight (GVW) not exceeding 7500 Kgs 7849
b)        GVW Exceeding 7500 Kgs but not exceeding 12000 kgs 11528
c)        GVW Exceeding 12000 Kgs but not exceeding 20000 kgs 9390
d)        GVW Exceeding 20000 Kgs but not exceeding 40000 kgs 12821
e)        GVW Exceeding 40000 kgs 16655

 

A.3 – Goods Carrying Motorized 3 Wheelers & Motorized Pedal 
            cycle-Public Carrier
Premium in Rs.
          a.except e-carts   5680
  b. e-carts 3969

 

A.4 – Goods Carrying Motorized 3 Wheelers & Motorized Pedal 
           cycle-Private Carrier
Premium in Rs.
a.  except e-catrs                 4200
b.    e-carts               3438

 

B –  Trailers Premium in Rs.
a.        Agricultural Tractors upto 6 HP 510
b..        Other Vehicles including Miscellaneous &
Special type of Vehicles (Class-D)
1307

Note: This rate is for each trailer, for more number of trailers, please multiply by no# of trailers

Class C – Passenger Carrying Vehicles used for Hire and Reward

C.1A – Four wheeled vehicles used for carrying passenger 
             for hire or reward with carrying capacity not
             exceeding 6 (six) passengers
Basic TP Premium in Rs. (A) Premium (Per licensed Passenger)- (B)
a)        Not exceeding 1000cc 6396 1230
b)        Exceeding 1000 cc but not exceeding 1500 cc 8408 1035
c)        Exceeding 1500 cc 11144 1183

Note: TP Premium is the total of a basic amount (A) plus an amount derived by multiplying the licensed carrying capacity by the amount in (B)

C.1B – Three wheeled vehicles used for carrying passenger  for hire or reward with carrying capacity not 
exceeding 6 (six) passengers
Basic TP Premium in Rs. (A) Premium (Per licensed Passenger)- (B)
           a. except e-rickshaw  1733  829
b  e-rickshaw 1125 538

Note: TP Premium is the total of a basic amount (A) plus an amount derived by multiplying the licensed carrying capacity by the amount in (B)

C.2 – Passenger Carrying vehicles with Seating Capacity 
           exceeding 6
Basic TP Premium in Rs. (A) Premium (Per licensed Passenger)- (B)
a)        4 or more wheeled vehicles used for carrying passenger for hire or reward with carrying capacity exceeding 6 (six) passengers 10294 629
b)        3 Wheelers with carrying capacity exceeding 17 passengers 10294 629

Note: TP Premium is the total of a basic amount (A) plus an amount derived by multiplying the licensed carrying capacity by the amount in (B)

C.3 – Motorized three wheeled vehicles used for carrying 
           passenger for hire or reward
Basic TP Premium in Rs. (A) Premium (Per licensed Passenger)- (B)
a)        With carrying capacity exceeding 6 (six) passengers but not exceeding 17 passengers 4155 829

Note: TP Premium is the total of a basic amount (A) plus an amount derived by multiplying the licensed carrying capacity by the amount in (B)

C.4 – Motorized Two wheelers used for carrying passengers 
          for hire or reward
Basic TP Premium in Rs. (A) Premium (Per licensed Passenger)- (B)
a.        Not exceeding 75cc 702 473
b.        Exceeding 75 cc but not exceeding 150cc 702 473
c.        Exceeding 150 cc but not exceeding 350cc 702 473
d.        Exceeding 350cc 1615 473

Note: TP Premium is the total of a basic amount (A) plus an amount derived by multiplying the licensed carrying capacity by the amount in (B)

Class D – Miscellaneous and Special Types of Vehicles Premium in Rs.
a.        Pedestrian controlled Agricultural Tractors with Horse Power rating not exceeding 6 HP, Hearses and plane loaders 897
b.        Other Misc. & Spl type of Vehicles 3822

 

Class E – Motor Trade (Road Transit Risk) Premium in Rs.
a.        Distance not exceeding 2400 Kms 1088
b.        Distance exceeding 2400 Kms 1308

 

Class F(i) – Motor Trade (Road Risk) (Excluding Motorized Two Wheelers) Premium in Rs
Named Driver or Trade Certificate
a.        1st named driver or certificate 985
b.        For additional Drivers / Certificates upto 5 (per driver/certificate) 476
c.        For additional Drivers / Certificates exceeding 5 but not exceeding 10 (per driver/certificate) 307
d.        For additional Drivers / Certificates exceeding 10 but not exceeding 15 (per driver/certificate) 266

 

Class F(ii) – Motor Trade (Road Risk) (For Motorized Two 
                           Wheelers)
Premium in Rs
       Named Driver or Trade Certificate
a.        1st named driver or certificate 530
b.        For each additional Drivers / Certificates 264

 

Leave a Reply

Your email address will not be published. Required fields are marked *