Agencies
NEW DELHI: Insurance regulator Irdai proposed reduction in premium on insuring small private cars and certain types of two-wheelers, but plans to raise the same for several categories of goods vehicles.
The Insurance Regulatory and Development Authority of India (Irdai) has released exposure draft on premium rates for motor third-party (TP) insurance covers for 2018-19 fiscal and has invited stakeholders comments till March 22.
The draft proposes to increase the premium on e-rickshaw from the existing Rs 1,440 to Rs 1,685 in the next financial year starting April 1.
The regulator has proposed to lower the premium for third-party insurance, which is mandatory, on cars with engine capacity of less than 1,000 cc to Rs 1,850 from the existing Rs 2,055.
The draft does not propose any change in the existing rate for cars with engine capacity higher than 1,000 cc.
If the draft is approved, the premium on two-wheelers with less than 75 cc engine will fall to Rs 427 from the current Rs 569. No change has been proposed for entry level bikes (75 to 150 cc).
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