IRDAI changes the Motor 3rd Party Premium Rates for Private cars and Two-wheelers

As per the order of the Hon’ble Supreme Court of India, dated 20th July,2018, IRDAI directed all General insurers (barring the stand-alone health insurers and the specialized insurers) to issue mandatory Long-Term Motor Third Party insurance covers for new cars and new two wheelers (3-year for new cars and 5-year for new two-wheelers) with effect from 1st September, 2018 along with the premium rates to be charged for these policies for the FY 2018-19 vide its circular ref “IRDAI/NL/CIR/MOT/137/08/2018” dated 28th August 2018.

Smt. Nirmala Sitharaman, Union Minister of Finance & Corporate Affairs  has informed that The Insurance Regulatory and Development Authority of India (IRDAI) vide order ref” IRDAINL/NL/NTFN/MOTP/91/06/2018 dated 04.06.2019 has changed the Motor Third Party premium rates for private cars and two-wheelers as compared to previous financial year (FY). The details of change in Motor third party premium rates are as under:

In respect of new cars and new two-wheelers, there is no change in the aforesaid long-term Motor TP premium rates in the FY 2019-20 as compared to FY 2018-19.