Single-year third-party premium hike for cars
Private cars
|
Current
|
Proposed
|
% Change
|
Cars with an engine capacity of less than 1000 cc
|
₹2,072
|
₹2,094
|
1%
|
Cars with an engine capacity between 1000 cc and 1500 cc
|
₹3,221
|
₹3,416
|
6%
|
Cars with an engine capacity of more than 1500 cc
|
₹7,890
|
₹7,897
|
0%
|
Multi-year third party premium hikes for new cars
Starting September 2019, the IRDAI has made it mandatory for all new car owners to purchase long-term third-party liability cover. The multi-year third party insurance for cars is for 3 years and 5 years, respectively.
However, considering that premiums have been unchanged since it became mandated, the new plans will undoubtedly impact your wallet.
Long-term third-party premium hike for new cars
Three years single premium for new cars
|
Current
|
Proposed
|
% Change
|
Cars with an engine capacity of less than 1000 cc
|
₹5,286
|
₹6,521
|
23%
|
Cars with an engine capacity between 1000 cc and 1500 cc
|
₹9,534
|
₹10,640
|
12%
|
Cars with an engine capacity of more than 1500 cc
|
₹24,305
|
₹24,596
|
1%
|
However, in contrast to hiked premiums, you can breathe a sigh of relief if you own an electric vehicle (EV). A discount of 15% and 7.5% is proposed for all EVs and hybrid electric vehicles, respectively. So, if you want to save a significant chunk of money, renew your policy before the third party car insurance price increases in 1st April, 2022.