” Since TP indemnity is mandatory by law, this will impact all customers. Customers who wish to avoid a premium increase can renew their policies before the new rates become effective on 1 April 2022, ” said Dubey .
The highest share addition of around 21 % will be for two-wheelers with engine capacities above 350cc. The proposed rates are being hiked from ₹2,323 to ₹2,804. Two-wheelers with engine capacity over 150cc but not exceeding 350cc will have to pay ₹1,366, up from ₹1,193. however, the pace has been reduced for two-wheelers with locomotive capacity exceeding 75cc but not exceeding 150cc ; they will have to pay ₹714 alternatively of ₹752. Two-wheelers with an engine capacity of less than 75cc, the cost of third-party top has been increased from ₹482 to ₹538. On the early hand, the rates have been increased across all segments for cars or four-wheelers .
According to the IRDAI draft proposal, third-party premium rates have been increased for private cars. For cars with an engine capacitance of less than 1000cc, the monetary value of third-party top has been increased from ₹2,072 to ₹2,094, for private cars with locomotive capacity exceeding 1000cc but not exceeding 1500cc from ₹3,221 to ₹3,416. For cars with an engine capacity of more than 1500cc, the price of third-party screen has been increased from ₹7,890 to ₹7,897 .