Indian Insurance Regulatory and Development Authority (IRDA) has decided to increase the rates of third party insurance premiums of private vehicles which you are planning to purchase a new car or are going to renew your car's insurance cover then this news can prove to be useful for you. Third party insurance premium rates will increase from June 16, 2019.
According to cardekho.com, the part of the third party premium in the car insurance is permanent and does not change with the changing Insured Declared Value (IDV). At present, the rate of third party premium of 1,850 rupees for cars of 1000 cc engines. From 16th June it is going to increase by 222 rupees, which will make it to Rs 2,072.
Similarly, the third party insurance premium premium of 1000 cc to 1500 cc cars has increased by Rs 358. At present, the premium for these cars is Rs 2863, which will increase to Rs 3221.
It is also explained that there is no change in third party premium for cars with engine capacity exceeding 1500 cc. And currently 7890 rupees is fixed.
Customers who purchase a new car must now take mandatory third party insurance cover for at least three years. In such a case, a minimum increment of 666 rupees will be increased on the insurance premium of the new car with an engine capacity up to 1000 cc. In such case, the insurance premium for new cars with capacity of 1000 cc to 1500 cc will be increased by Rs. 1074.