Revision-in-third-party-premium-rates-all-motor-products
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 |
# TP Premium is the total of Basic TP premium (A)Plus an amount derived by multipling the licensed carrying capacity by the amount in (B)
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