Revision in THIRD PARTY Premium rates – All Motor products

Revision in Third Party Premium Rates – All Motor products

IRDA had come out with an order dated 5th June on the revision in Motor Third Party Premium rates for the financial Year 2019-20 with effect from 16th June 2019.

Revision in Third Party Premium Rates – All Motor products: Click here to Make Payment

New Premium for TP

Motor Third Party Liability Insurance Premium for the Financial Year 2019-20 effective from 16th June 2019
S.No	Catergory	Description of Vehicle Class	Premium with effect from 16th june 2019(RS)
1		Private Cars*
		Not exceeding 1000cc	2072
		Exceeding 1000cc but not exceeding 1500cc	3221
		Exceeding 1500cc	7890
2		Two Wheelers
		Not exceeding 75cc	482
		Exceeding 75cc but not exceeding 150cc	752
		Exceeding 150cc but not exceeding 350cc	1193
		Exceeding 350cc	2323
3	A1	Goods Carrying Vehicles Public Carriers(other than 3 wheelers)
		GVW not exceeding 7500 kgs	15746
		Exceeding 7500 Kgs but not exceeding 12000 kgs	26935
		Exceeding 12000 Kgs but not exceeding 20000 kgs	33418
		Exceeding 20000 Kgs but not exceeding 40000 kgs	43037
		Exceeding 40000 kgs	41561
4	A2	Goods Carrying Vehicles Public Carriers(other than 3 wheelers)
		GVW not exceeding 7500 kgs	8438
		Exceeding 7500 Kgs but not exceeding 12000 kgs	17204
		Exceeding 12000 Kgs but not exceeding 20000 kgs	10876
		Exceeding 20000 Kgs but not exceeding 40000 kgs	17476
		Exceeding 4000 kgs	24825
5	A3	Goods Carrying Motorized Three Wheelers and Motorized Pedal Cycles - Public Carriers
		Excepts e-cards	4092
		e-cards	2859
6	A4	Good Carrying Motorized Three Wheelers and Motorized Pedal Cyscles - Private Carriers
		Excepts e-cards	3914
		e-cards	3204
7	B	Trailers
		Agricultural Tractors up to 6HP	857
		Other vehicles including Miscellaneous & Special Type of vehicles(Class-C), (For each trailer, for more please multiply by no. of trailers)	2341
8	D	Special Types of Vehicles
		i) Pedestrian controlled Agricultural Tractors with Horse Power rating not exceeding 6HP, Hearses and Plane Loaders	1550
		ii) Other Miscellaneous & Special types of vehicles	6847
9	E	Motor Trade(Road Transit Risks)
		i) Distance not exceeding 2400 kms	1055
		ii) Distance exceeding 2400 kms	1268
10	F	Motor Trade (Road Risks) (Excluding Motorized two Wheelers) - (Name Driver or Trade Certificate)
		1st named driver or certificate	1345
		For additional Drivers/Certificates up to 5(per Driver/Certificate)	651
		For additional Drivers/Certificates exceeding 5 but not exceeding 10(per Driver/Certificate)	419
		For additional Drivers/Certificates exceeding 10 but not exceeding 15(per Driver/Certificate)	363
11	F	Motor Trade(Roads Risks)(Motorized Two Wheelers) -(Named Driver or Trade Certificate)
		1st named driver or certificate	515
		For each additional Driver/ Certificate	257

Vintage Cars: A discount of 50% shall be allowed for private cars under Vintage cars segment certified as Vintage cars by Vintage & Classic Car Club of India.

New TP Part II

S.No	Catergory	Description of Vehicle Class	Premium with effect from 16th june 2019(RS)
			Basic TP Premium(A)	Premium(Per licensed passenger)(B)
12	Cla	Four wheeled vehicles used for carrying passengers for hire or reward with carrying capacity not exceeding 6 passengers
		Not exceeding 1000cc	5769	1110
		Exceeding 1000cc not exceeding 1500cc	7584	934
		Exceeding 1500cc	10051	1067
13	Clb	Three wheeled vehicles used for carrying passengers for hire or reward with carrying capacity not exceedings 6 passengers
		Except e-rickshaw	2595	1241
		e-rickshaw	1685	806
14	C2	Four or more wheeled vehicles used for carrying passengers with carrying capacity exceedings 6 passengers for hire or reward
		School Bus	13874	848
		Other Bus	14494	886
15	C3	Motorized three wheeled passenger vehicles used for carrying passengers for hire or reward with carrying capacity exceedings 6 passengers but not exceedings 17 passengers	6913	1379
16	C2	Three wheeled passenger vehicles used for carrying passengers for hire or reward with carrying capacity exceeding 17 passengers	15845	969
17	C4	Motorized Two wheelers used for carrying passengers for hire or reward
		Not exceeding 75cc	861	580
		Exceeding 75cc but not exceeding 150cc	861	580
		Exceeding 150cc but not exceeding 350cc	861	580
		Exceeding 350cc	2254	580

TP Premium is the total of Basic TP premium(A) plus an amount derived by multiplying the Licensed carrying capacity by the amount in (B)
School Buses are those buses which are registered in the name of the school and used only for Transporting students to or from a school or on school related trips.

TP Table 2

Long Term Premium rate Table

S.No	Catergory of vehicle	Premium with effect from 16th june 2019(RS)
18	New Private Car - 3 Year Single Premium
	Not exceeding 1000cc	5286
	Exceeding 1000cc but not exceeding 1500cc	9534
	Exceeding 1500cc	24305
19	New Private Car - 3 Year Single Premium
	Not exceeding 75cc	1045
	Exceeding 75cc but not exceeding 150cc	3285
	Exceeding 150cc but not exceeding 350cc	5453
	Exceeding 350cc	13034

TP Table IV

Rates for Electric Private Cars and Two Wheelers

S.No	Catergory of Vehicle	Premium with effect from 16th june 2019(RS)
		One Year Policies	Long Term Policies
20	Private Cars
	Not Exceeding 30KW	1761	4493
	Exceeding 30 KW but not exceeding 65 KW	2738	8104
	Exceeding 65 KW	6707	20659
21	Two Wheelers
	Not Exceeding 3KW	410	888
	Exceeding 3 KW but not exceeding 7 KW	639	2792
	Exceeding 7 KW but not exceeding 16 KW	1014	4635
	Exceeding 16 KW	1975	11079

Table V

Rates for Quadricycle

S.No	Catergory of Vehicle	Premium with effect from 16th june 2019(RS)
		Basic TP Premium(A)	Premium(per licensed passenger) (B)#
22	Quadricycle (Private Cars)	2072	N/A
23	Quadricycle(Commerical Vehicles not exceeding 500cc)	2595	1241