Tuesday, February 19, 2013

Now your car insurance premium is likely to cost more according to the new proposal

The Insurance Regulatory and Development Authority (IRDA) has proposed approx 39% jump in third party motor insurance for private cars across all sub classes in the exposure draft for revision of premium.

This revision will hit more to the owners of the basic cars that are below 1000CC , as the rise in this category proposed is 85%. This segment has cars like Alto, Eon, Spark, Nano etc. The minimum increase in 1,000-1500 CC category that is 1.4%, this segment includes Swift, Ritz, Beat, Santro , i10 etc. For over-1500 CC cars, the premium will jump by 43%.

The below table indicates the average current/proposed premium-

CategoryCurrent PremiumProposed PremiumJump%
UP TO 1000 CC784145385
1000 - 1500 CC9259401.4
OVER 1500 CC2853409643

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