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New Delhi27 minutes ago
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Third -party insurance of the vehicle may be expensive. According to the media report, the Indian Insurance Regulatory and Development Authority (IRDAI) has advised the government to increase the third party insurance premium.
IRDAI has suggested an average average increase of 18% premium, while some vehicles can grow up to 20% to 25%. Now the final decision of this proposal will be accepted by the Ministry of Road Transport and Highways. It can be decided within 2 to 3 weeks.
A draft notification will be issued for public consent after the ministry approval. After that, other methods such as advice will be taken and reviewed, only then these changes will apply. The premium of this insurance has not been changed for the last three years.
How many third -party insurance premiums will increase the two wheelers
| Engine power | Now the insurance premium | After 18% increase | Distinction |
| Up to 75 cc | 538 rupees | 635 rupees | 97 rupees |
| 75 to 150 cc | 752 | 887 rupees | Rs. 135 |
| 150 to 350 cc | 1,366 rupees | 1,612 | Rs.246 |
| More than 350 cc | 2,804 rupees | 3,309 rupees | Rs. 505 |
How much will the third party insurance premium be increased
| Engine power | Now the insurance premium | After 18% increase | Distinction |
| 1000 cc | Rs.2,094 | 2,471 taka | 377 rupees |
| 1000 to 1500 cc | 3,416 rupees | 4,270 | 615 bucks |
| More than 1500 cc | 7897 rupees | 9,871 taka | 1,421 |
Note: This count is estimated.
Now understand what third party insurance is?
Third -party insurance is a type of vehicle insurance, which is mandatory for each vehicle owner under the Motor Vehicle Act in India. To understand it in simple language:
Third party insurance means: This insurance compensates for damage by the third person (such as a traveler, another driver or their property) from your vehicle. It does not cover you or your vehicle damage, but protects others.
To understand from examples: Suppose your car is affected by an accident on someone else’s car, or someone was injured, or his property was damaged. In such a situation, third -party insurance compensates for that loss, such as repair cost or medical bill.
What is this cover?
- Compensation of a third person injury or death (up to $ 7.5 million).
- To compensate for the third person’s property (eg second vehicle, shop or home).
Why is third party insurance necessary?
- This is legally compulsory. Driving without third party insurance is illegal, and fine or legal action can be taken.
- It protects you from the financial burden, if your mistake hurts someone else, the insurance company compensates for it.
Does it not cover?
- Damage to your own vehicle (you need to take extensive insurance for this).
- Spend your own injury or treatment.
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