- IRDAI hikes third-party insurance rates
- 150cc-350cc bikes sees 21.11 per cent hike
Two-wheelers in India are about to get a bit expensive. The Insurance Regulatory and Development Authority of India (IRDAI) has hiked the third-party insurance cover for all motorcycles and scooters in India.
This new increase will come in effect from 16 June, 2019. The insurance authority has increased the premium across the segment. There’s a 12.88 per cent increase in cost for two-wheelers with engine capacity not exceeding 75ccc. So the third-party cost for this segment has gone up to Rs 482 from the current Rs 427. The two-wheelers between 75cc and 150cc displacements will see a hike of 4.44 per cent, taking the cost to Rs 752 from Rs 720. However, the highest increase in third-party insurance have been done for the bikes between 150cc and 350cc. Here, there’s a whopping 21.11 per cent increase, taking the cost to Rs 1193 from the current Rs 985. The bikes exceeding 350cc will see an increase of Rs 2323.
The insurance authority have also revealed the rates for electric two-wheelers. E-bikes not exceeding 3kW has been priced at Rs 410, whereas for those between 3kW and 7kW have been will now cost 639. The EVs between 7kW and 16kW will have a rate of Rs 1014 and anything that exceeds 16kW is at Rs 1975.
Due to this new change, bikes like the Bajaj Dominar, Royal Enfield Classic 500 and the newly launched Suzuki Gixxer 250SF and the Hero Xpulse will see a decent increase in its overall cost. This new change in rates are also going to effect the two-wheelers that are up for renewal post 16 June.