Motor third party premiums to see marginal hike for FY16

Tuesday 31, March, 2015 It is good news for all vehicle owners as the motor third party premiums have been increased only by few hundred rupees for the majority of vehicles. Both for private cars and two wheelers, the rates from April 1 would only go up by Rs 65-340 in this segment as per the revised motor premium rates by the Insurance Regulatory and Development Authority of India (IRDAI). For the two wheeler category exceeding 350cc, there is no hike in motor TP premium whereas for those below 75 cc, there is a hike below Rs 100. Similarly, for goods carrying vehicles public carriers (other than 3 wheelers), there is a hike for heavy vehicles above 12000 kgs, but that for below 12,000 kgs is kept unchanged. For taxis too, the premium will go up by Rs 300-1500. Similarly, for three-wheelers carrying less than 6 passengers, it would be hiked by Rs 100. Insurance Regulatory and Development Authority of India (IRDAI) had proposed a hike of premiums in the range of 14-108 per cent from April 1, 2015. For 2015-16, general insurers had sought atleast a 40 per cent increase in motor TP premiums. Senior industry executives had said that segments like two-wheelers (few categories) and auto-rickshaws where there have not been very large claims could be incentivised with a lower rate of premium hike while it could be higher for commercial vehicles.

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