The premium for third party liability cover, made mandatory by the Insurance Regulatory and Development Authority of India (IRDAI), is set to rise when you renew your policy in this financial year.
The premium for third party liability cover, made mandatory by the Insurance Regulatory and Development Authority of India (IRDAI), is set to rise when you renew your policy in this financial year. However, the revised rates are significantly lower than the proposed 100%. The premiums for commercial vehicles have been raised by 8-20% in some categories. The rates are as follows:
|
|
April 2015 (in Rs.)
|
April 2014 (in Rs.)
|
% Hike
|
|
Private Cars
|
|
|
|
|
Not exceeding 1000 cc
|
1468
|
1129
|
30
|
|
Over 1000 cc but less than 1500 cc
|
1598
|
1332
|
20
|
|
Exceeding 1500 cc
|
4931
|
4109
|
20
|
|
|
|
Two Wheelers
|
|
|
|
|
Not exceeding 75 cc
|
591
|
455
|
30
|
|
Over 75 cc but less than 150 cc
|
538
|
464
|
16
|
|
Over 150 cc but less than 350 cc
|
554
|
462
|
20
|
|
Over 350 cc
|
884
|
884
|
Nil
|
For policyholders it means shelling out Rs. 822 extra for big cars and Rs. 266 for medium-sized cars. However, there is no cap on the amount a victim can claim in case of an accident.
Your third party liability cover is useful when an individual has sustained injuries or his/her property has suffered damage due to an accident caused by your vehicle.