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Insurance corner: IRDAI hikes motor third party premium

For private cars exceeding 1,500 CC the increase in TP premiums was 40%

BS Reporter 

Insurance corner: IRDAI hikes motor third party premium
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Motor premiums have increased from April 1, after the Regulatory and Development Authority of India announced the third-party premiums for 2017-18. For private cars not exceeding 1,000 CC there was no change in the premiums. For private cars exceeding 1,000CC but not exceeding 1,500 CC and those exceeding 1,500 CC the increase in TP premiums was 40 per cent. Hence, the premium of a remains unchanged, while there is an increase in the premiums of a sedan and an SUV. The chart compares the premiums of a and for the Mumbai and Delhi markets. In some cases the only change is on account of TP premium as the own damage premium is even or marginally lower. Both vehicles are 2014 models. The Insured Declared Value for the is Rs 4,39,301 and Rs 7,25,643 for the Mahidra XUV. The total premium includes taxes.

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Insurance corner: IRDAI hikes motor third party premium

For private cars exceeding 1,500 CC the increase in TP premiums was 40%

For private cars exceeding 1,500 CC the increase in TP premiums was 40%
Motor premiums have increased from April 1, after the Regulatory and Development Authority of India announced the third-party premiums for 2017-18. For private cars not exceeding 1,000 CC there was no change in the premiums. For private cars exceeding 1,000CC but not exceeding 1,500 CC and those exceeding 1,500 CC the increase in TP premiums was 40 per cent. Hence, the premium of a remains unchanged, while there is an increase in the premiums of a sedan and an SUV. The chart compares the premiums of a and for the Mumbai and Delhi markets. In some cases the only change is on account of TP premium as the own damage premium is even or marginally lower. Both vehicles are 2014 models. The Insured Declared Value for the is Rs 4,39,301 and Rs 7,25,643 for the Mahidra XUV. The total premium includes taxes.

GRAPH

GRAPH

image
Business Standard
177 22

Insurance corner: IRDAI hikes motor third party premium

For private cars exceeding 1,500 CC the increase in TP premiums was 40%

Motor premiums have increased from April 1, after the Regulatory and Development Authority of India announced the third-party premiums for 2017-18. For private cars not exceeding 1,000 CC there was no change in the premiums. For private cars exceeding 1,000CC but not exceeding 1,500 CC and those exceeding 1,500 CC the increase in TP premiums was 40 per cent. Hence, the premium of a remains unchanged, while there is an increase in the premiums of a sedan and an SUV. The chart compares the premiums of a and for the Mumbai and Delhi markets. In some cases the only change is on account of TP premium as the own damage premium is even or marginally lower. Both vehicles are 2014 models. The Insured Declared Value for the is Rs 4,39,301 and Rs 7,25,643 for the Mahidra XUV. The total premium includes taxes.

GRAPH

GRAPH

image
Business Standard
177 22