IRDA Announces Hike in the Insurance Premium Rates of Vehicles
Home > IRDA Announces Hike in the Insurance Premium Rates of Vehicles
IRDA has announced hike in the insurance premium rates of vehicles for 2016-17. According to reports, the increase in the premium for hi-end cars would be around 25% and that for the regular cars would be around 40%. Not just this, the premium rate for two-wheelers has also increased by almost 25%.
This means that the cars above 1500cc would be charged an extra 25%, while the owners with cars below 1500cc would pay 40% extra.
Talking about the Premium on two-wheelers, it has increased by 9.6% for those having engine capacity below 75cc. On the other hand, for the vehicles ranging between 75cc - 150cc; it has gone up by 15%.
The premium rates have been reduced by almost 10% for the bikes that have engine capacity above 350cc.