#1
14th May 2016, 03:57 PM
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IRDA Third Party Rates-16
I want to know the premium rates for motor third party liability insurance of Insurance Regulatory and Development Authority (IRDA)?
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#2
14th May 2016, 03:58 PM
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Re: IRDA Third Party Rates-16
Insurance Regulatory and Development Authority (IRDA) decided to review the premium rates for motor third party liability insurance covers annually using the specified formula: P (t) = C1 (t) * CII (t-1) + C2 (t) Where, P (t) is the motor TP premium applicable to the financial year ‘t’, CII (t-1) is the Cost Inflation Index for the year ‘t-1’ as notified by CBDT, and C1 (t) and C2 (t) are the parameters applicable to the financial year ‘t’ whose values shall be determined and notified by the Authority in each financial year based on the experience measured in terms of average claim amounts, frequency and expenses involved in servicing the motor TP business. The values of the parameters C1 (t) and C2 (t) may vary according to the class of vehicle. It is observed that the cost inflation index (CII) has increased by 9.05 % over the previous year, i.e. from 939 in FY 2013-14 to 1024 in FY 2014-15. Motor Third Party Insurance Premium Rates with effect from 01st April 2015 Premium with effect from 01st April 2015 (Rs.) Private Cars Not exceeding 1000 cc 1468 Exceeding 1000 cc but not exceeding 1500 cc 1598 Exceeding 1500 cc 4931 Two Wheelers Not exceeding 75 cc 519 Exceeding 75 cc but not exceeding 150 cc 538 Exceeding 150 cc but not exceeding 350 cc 554 Exceeding 350 cc 884 Goods Carrying Vehicles Public Carriers (other than 3 wheelers) GVW not exceeding 7500 kgs 14390 Exceeding 7500 kgs but not exceeding 12000 kgs 15365 Exceeding 12000 kgs but not exceeding 20000 kgs 19632 Exceeding 20000 kgs but not exceeding 40000 kgs 19766 Exceeding 40000 kgs 19846 Goods Carrying Vehicles Private Carriers (other than 3 wheelers) GVW not exceeding 7500 kgs 8721 Exceeding 7500 kgs but not exceeding 12000 kgs 8868 Exceeding 12000 kgs but not exceeding 20000 kgs 8972 Exceeding 20000 kgs but not exceeding 40000 kgs 11149 Exceeding 40000 kgs 13879 Goods Carrying Motorized Three Wheelers and Motorized Pedal Cycles – Public Carriers 4733 Goods Carrying Motorized Three Wheelers and Motorized Pedal Cycles – Private Carriers 4071 Trailers Agricultural Tractors upto 6 HP 483 Other vehicles including Miscellaneous & Special Type of Vehicles (Class-D), (For each trailer, for more please multiply by no. of trailers) 1238 Premium (per Licensed Passenger) (B) Four wheeled vehicles used for carrying passangers for hire or reward with carrying capacity not exceeding 6 passangers Not exceeding 1000 cc 4920 Exceeding 1000 cc but not exceeding 1500 cc 6726 Exceeding 1500 cc 8915 Four or more wheeled vehicles used for carrying passengers with carrying capacity exceeding 6 passengers for hire or reward 8235 Three wheeled vehicles used for carrying passengers for hire or reward with carrying capacity not exceeding 6 passengers 1333 Motorized three wheeled passenger vehicles used for carrying passengers for hire or reward with carrying capacity exceeding 6 passengers but not exceeding 17 passengers 3196 Three wheeled passenger vehicles used for carrying passengers for hire or reward with carrying capacity exceeding 17 passengers 8235 Special Types of Vehicles i) Pedestrian controlled Agricultural Tractors with Horse Power rating not exceeding 6HP, Hearses and Plane Loaders 690 ii) Other Misc & Spl types of vehicles 2730 Motor Trade (Road Transit Risks) i) Distance not exceeding 2400 kms 1088 ii) Distance exceeding 2400 kms 1308 Motor Trade (Road Risks) (Excluding Motorized Two Wheelers) – (Named Driver or Trade Certificate) 1st named driver or certificate 1094 For additional drivers/ certificates up to 5 (per driver/certificate) 529 For additional Drivers/ Certificates exceeding 5 but not exceeding 10 (per driver/ certificate) 341 For additional Drivers/ Certificates exceeding 10 but not exceeding 15 (per driver/ certificate) 295 Motor Trade (Road Risks) (Motorized Two Wheelers) – (Named Driver or Trade Certificate) 1st named driver or certificate 589 For each additional Driver/ Certificate 293 |
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