NEW DELHI: Car and two-wheeler insurance will cost more from June 16 with regulator Irdai increasing the mandatory third party (TP) motor insurance premium by up to 21 per cent for certain categories.
Normally, the mandatory motor TP insurance cover rates are revised from April 1. However, this time, the new rates for the fiscal 2019-20 will be applicable from June 16.
The Insurance Regulatory and Development Authority of India (Irdai) in an order said the new TP insurance for smaller cars (less than 1,000 cc) will cost Rs 2,072 or 12 per cent from the existing Rs 1,850. The hike in insurance premium for cars with engine capacity of 1,000 cc to 1,500 cc has been increased by 12.5 per cent to Rs 3,221.
However, the TP premium for cars with higher engine capacity (1,500 cc plus) has been retained at Rs 7,890.(AGENCIES)
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