Now car, bike or other vehicle owners are going to get a big blow. In fact, from next month, more rupees will have to be spent on third party insurance of vehicles. Let us tell you that the Insurance and Regulatory and Development Authority of India (IRDAI) has prepared a proposal to increase the rates of third party insurance (3rd-party motor insurance premium) for motor vehicles. Yes and now it is believed that the new rates will be applicable for the financial year 2022-23. This means that from the coming April 1, you will have to pay more for insurance.

Let us tell you that this decision has been taken after two years due to the covid-19 epidemic. Yes, at the same time, after a decision of the Supreme Court in the year 2018, it is mandatory to take 5 years of third party insurance while buying new two-wheelers and 3 years of third party insurance for four-wheelers. On the other hand, if the Motor Vehicle Act is considered, then it is necessary to have third party insurance for any vehicle that runs on the road. Simultaneously, the Insurance Premium is determined by the IRDAI and the premium changes every year. For the last two years, there has been no change in this due to Corona.

According to the report, the third party insurance premium on 1000 CC cars was Rs 2,072, which will increase to Rs 2,094 after the increase. Similarly, for third party insurance of 1500 CC vehicles, Rs 3,416 is proposed to be paid, earlier it was Rs 3,221. With this, vehicle owners above 1500 CC will have to pay a premium of Rs 7,897 after the hike as against Rs 7,890 earlier.

Two-wheeler vehicles between 150 cc-350 cc will improve a premium of Rs 1,366 and two-wheeler vehicles above 350 cc will improve a premium by Rs 2,804. Yes and apart from this, the premium for commercial vehicles will be between Rs 16,049 and Rs 44,242. Whereas for private individuals, the premium will be between Rs 8,510 to Rs 25,038.

Apart from this, the three-year single premium for e-cars has been revised and will improve from a premium of Rs 6,521 to Rs 24,596. Similarly, a five-year single premium for new two-wheelers will come with a premium of Rs 2,901 to Rs 15,117 depending on their displacement.

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