Every year the Insurance Regulatory and Development Authority of India brings out the premium rates for motor third party insurance and the year 2018-2019 will prove to be a good one for small private car holders and certain types of two-wheeler owners as the premium on insurance of these types of cars will be reduced. On the other hand, the premium on e-rickshaws will mostly see a hike from April 1 after a review of the proposal by stakeholders.
As per the draft proposal, the rates will increase from Rs 1440 to Rs 1685 in 2018-19 for e-rickshaw whereas the rates for small cars will reduce to Rs 1850 from the current rate of Rs 2055. Two wheelers with less than 75 cc engine will also see a drop in premium rates from the current value of Rs 569 to Rs 427. Apart from these categories of cars, there will be no changes made on the rates for cars which have an engine capacity of more than 1000 cc and on entry level bikes within the range of 75cc to 150cc.
The rates for vintage cars are a little different especially for those certified by Vintage and Classic Car Club of India. A proposal for a 50% discount has been made for these private vintage cars. Superbikes exceeding 350cc, on the other hand, will see a hike in premium to about double its current value, i.e about Rs.2323/-