LETS TALK!

Let us call you back. Just share your number for a call back in less than 15 minutes

+91
We can’t proceed without your mobile number. Help us?
Sigh. We need the reason for call back to pick the right person for the job. Help us?
OR

Is it super urgent? Call us on our Toll Free numbers

BTW, we respond to email queries with lightening fast speed. Send email instead?
THANK YOU FOR CHOOSING COVERFOX!

Someone from the team will get back to you ASAP!

HAVE AN AMAZING DAY!

Oh! Just in case you still need our Toll free

1800 209 9970
Also schedule a callbackAlso send an email
THANKS!

Your Claim Assistance request has been registered with us.

We will contact you before 11am tomorrow.

If its an emergency, for immediate assistance please feel free to contact our Customer Support Unit on 1800 209 9960
For Health, Travel and Trm insurance claim, please contact us on 1800 209 9970 for Car and Bike insurance claims.
image title
NEWS

Third-Party Insurance Premium Drops for Certain Motor Vehicles

Sumit Asrani Sumit Asrani 24 April 2017

Insurance Regulatory and Development Authority of India (IRDA) have reduced the premium on a third-party insurance policy for certain motor vehicles. Read on to know more.

image title

You would be happy to know that the Insurance Regulatory and Development Authority of India (IRDA) have reduced third-party insurance premium for some vehicles.

Vehicles such as i20, i10, Swift Dzire, etc. will enjoy this relaxation on premiums. Two-wheeler owners of Bajaj Pulsar, Honda Unicorn, Royal Enfield 350cc and 500cc will also see considerable savings.

Just like the last couple of years, third-party insurance premium rates were increased this year as well in the month of March. The revised rates were implemented from April 1, 2017. The reason for the hike in premiums – rise in the number of road accidents and third-party claims.

However, with the recent development, the previously increased third-party insurance premium rates for FY17-18 stand revised. If your insurance renewal is due or you have bought a new vehicle after April 1’17, you will have to pay almost 8% lesser premium as compared to the previously fixed premiums.

Third-party insurance is mandatory for every vehicle on the road, as per the Motor Vehicles Act, 1988. The premiums are based on the engine capacity (cc) and are decided by the IRDA.

The table below will help you find out the vehicles that saw a drop in premium amount:

Description of vehiclePremium for FY 16-17 (Rs.)Premium for FY 17-18 (Rs.)Revised premium for FY 17-18 (Rs.)
Private cars
Not exceeding 1000cc2,0552,0552,055
Exceeding 1000cc but not exceeding 1500cc2,2373,132 2,863
Exceeding 1500cc6,1648,6307,890
Two wheelers
Not exceeding 75cc569569569
Exceeding 75cc but not exceeding 150cc619720720
Exceeding 150cc but not exceeding 350cc693970887
Exceeding 350cc7961,1141,019

Source: IRDAI (https://www.irdai.gov.in) Moreover, the owners of E-rickshaw will also enjoy a drop in the TP premium prices.

This drop in the third-party premium shall bring some relaxation to certain vehicle owners, after seeing a continuous rise in the premium.

Sumit Asrani
Written by Sumit Asrani
He's a writer. His blood cells are woven with Hypergraphia, as he breathes in books, he exhales words and sneezes poetry. Captivated by the web-of-words he's trying to escape miraculously as a content writer at Coverfox.com.