Motor Insurance: There is a big relief news for the car buyers this year. Insurance companies will not increase third party motor insurance. According to information received from sources, this will be the second consecutive time that there will be no increase in third party motor insurance.
New Delhi: Motor Insurance There is a big relief news for the car buyers this year. Insurance companies will not increase third party motor insurance. According to information received from sources, this will be the second consecutive time that there will be no increase in third party motor insurance. Its direct benefit will be for those people who are going to buy a new car, scooter or any vehicle or want to renew motor insurance.
Insurance premium was not increased even last year
In fact, last year, insurance regulator IRDAI called for the proposed rates from insurance companies, a 10 to 20 percent increase in the premium of third party motor insurance was proposed for the financial year 2020-21, but due to Corona epidemic. Not implemented
IRDAI had proposed to increase the premium for Third Party Insurance of cars and two-wheeler vehicles from April 1, 2020. According to the proposal of the Insurance Regulatory Authority of India (IRDAI), the third party insurance premium for vehicles with engine capacity less than 1,000 cc was Rs 2,182. Which is currently Rs 2,072. For vehicles with engines ranging from 1,000 to 1,500 cc, it was proposed to increase the third party insurance premium to Rs 3,383.
Why won’t the premium increase this year too?
From April 1, insurance companies apply new premium rates for insurance. But according to sources, suggestions have not been sought from IRDAI to increase the proposed rates so far. So it is estimated that this time there will not be any increase in premium.
Last year, when there was a lockdown in the entire country due to the Corona crisis, there were no vehicles left on the roads for 6 months, due to which the accidental claims of insurance companies were reduced and their huge expenses were saved.
Therefore, it is possible that the insurance companies give the benefit of savings in this expenditure to the customers. Apart from this, a very important reason is also the prices of petrol and diesel, which are at their record level. When the common people are troubled by this inflation, the insurance companies will not increase the premium so that people can be saved from the extra burden.
How will customers benefit?
You will be aware that according to the Motor Vehicle Act, legal third party insurance is necessary for every vehicle. Those buying a new car will get relief in large part of insurance. In a new vehicle, 4-wheeler for 3 years, 2-wheeler for 5 years, third party insurance is necessary. That is, if you are going to buy a new car, then you will not have to pay much premium.
