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Order
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| Ref. No: IRDAINL/NL/NTFN/MOTP/91/06/2018 |
Date: 04-06-2019 |
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| Premium Rates for Motor Third Party Liability Insurance Cover for the Financial year 2019-20 effective from 16th June, 2019 |
IRDAINL/NL/NTFN/MOTP/91/06/2018 4thJune
2019
ORDER
Of
Insurance Regulatory and Development
Authority of India
On Premium Rates for Motor Third Party Liability
Insurance Cover for the Financial year 2019-20 effective from 16th
June, 2019
(1) By virtue of powers vested in the Authority under Section 14
(2)(i) of the IRDA Act, 1999, the Authority has been notifying the premium
rates applicable to Motor Third Party Liability Insurance every year starting
from 2011.
(2) The Authority issued an Order (No. IRDA/NL/ORD/MOTP/051/03/2019
dated 28thMarch 2019)extending the validity of premium rates set out
in Order (No. IRDA/NL/NTFN/MOTP/053/03/2018) dated 28th March 2018,
beyond 31st March, 2019 until further notice.
(3) Further to the Order ref no. IRDA/NL/ORD/MOTP/051/03/2019 dt:28th
March 2019, the Authority issued an exposure draft dated 20th May
2019 showing the proposed premium rates for Motor Third Party Liability Insurance
covers for the FY 2019-20 detailing the methodology of arriving at the premium
and inviting comments on the proposed rates from all stakeholders concerned.
(4) The exposure draft provides the broad methodology used in
estimating premium rates and also the proposed premium rates for the FY 2019-20.
(5) The last date for receiving feedback from the stakeholders was 29th
May, 2019.
(6) Comments have been received from various stakeholders and the same
have been carefully examined.
(7) Now, in exercise of the powers vested with the Authority under Section
14 (2) (i) of the IRDA Act 1999, the Authority hereby notifies the premium
rates applicable to Motor Third Party Liability Insurance for the financial
year 2019-20 with effect from 16th June 2019 as given in Annexure
A.
(8)
Insurers are hereby advised to be
mindful of the concerns expressed by vehicle owners about the availability of
insurance. Considering the mandatory nature of Motor
Third Party Liability Insurance, insurers are advised to ensure that Motor Third Party Liability Insurance is made available
at their underwriting offices and through all available channels of
distribution including online. The Authority will treat any complaint of
non-availability of insurance or use of methods to deny/ delay the insurance
cover, seriously.
(9)
Further, Insurers are not permitted to
cancel the current insurance policies and replace those with fresh policies
with new premium rates. This notification as well as the enclosed schedule of
premium rates shall be prominently displayed on the Notice Board of every
underwriting office and on the website of the Insurers where it can be viewed
by the public.
(10)This
notification is issued in supersession of the Authority’s earlier notification
ref:IRDA/NL/ORD/MOTP/051/03/2019 dt:28th
March 2019.
(Yegnapriya Bharath)
Chief General Manager
(Non-Life)
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Annexure
A
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Motor Third
Party Liability Insurance Premium for the Financial Year 2019-20 effective
from from 16th June 2019
Table I
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S.
No.
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Cate-gory
|
Description of Vehicle Class
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Premium
with effect from 16th June 2019 (Rs.)
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1
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Private Cars*
|
|
|
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Not exceeding 1000 cc
|
2,072
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|
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Exceeding 1000 cc but not exceeding
1500 cc
|
3,221
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|
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Exceeding 1500 cc
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7,890
|
|
|
|
|
|
|
2
|
|
Two Wheelers
|
|
|
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Not exceeding 75 cc
|
482
|
|
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Exceeding 75 cc but not exceeding
150 cc
|
752
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|
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Exceeding 150 cc but not exceeding
350 cc
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1,193
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Exceeding 350 cc
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2,323
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3
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A1
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Goods Carrying Vehicles Public Carriers (other than 3 wheelers)
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|
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GVW not exceeding 7500 kgs
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15,746
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Exceeding 7500 kgs but not exceeding
12000 kgs
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26,935
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Exceeding 12000 kgs but not
exceeding 20000 kgs
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33,418
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Exceeding 20000 kgs but not
exceeding 40000 kgs
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43,037
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Exceeding 40000 kgs
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41,561
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4
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A2
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Goods Carrying Vehicles Private
Carriers (other than 3 wheelers)
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|
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GVW not exceeding 7500 kgs
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8,438
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Exceeding 7500 kgs but not exceeding
12000 kgs
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17,204
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|
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Exceeding 12000 kgs but not
exceeding 20000 kgs
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10,876
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|
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Exceeding 20000 kgs but not
exceeding 40000 kgs
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17,476
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Exceeding 40000 kgs
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24,825
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5
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A3
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Goods Carrying Motorized
Three Wheelers and Motorized Pedal Cycles – Public Carriers
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Except e-carts
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4,092
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e-carts
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2,859
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6
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A4
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Goods Carrying Motorized Three
Wheelers and Motorized Pedal Cycles – Private Carriers
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Except e-carts
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3,914
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e-carts
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3,204
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7
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B
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Trailers
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Agricultural Tractors up to 6 HP
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857
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Other vehicles including
Miscellaneous & Special Type of Vehicles (Class-C), (For each trailer,
for more please multiply by no. of trailers)
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2,341
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8
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D
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Special Types of
Vehicles
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i) Pedestrian controlled
Agricultural Tractors with Horse Power rating not exceeding 6HP, Hearses and
Plane Loaders
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1,550
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ii) Other Miscellaneous &
Special types of vehicles
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6,847
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9
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E
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Motor Trade (Road
Transit Risks)
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i) Distance not
exceeding 2400 kms
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1,055
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ii) Distance exceeding 2400 kms
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1,268
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10
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F
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Motor Trade (Road Risks)
(Excluding Motorized Two Wheelers) – (Named Driver or Trade Certificate)
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1st named driver or certificate
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1,345
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For additional drivers/ certificates
up to 5 (per driver/certificate)
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651
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For additional Drivers/ Certificates
exceeding 5 but not exceeding 10 (per driver/ certificate)
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419
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For additional Drivers/ Certificates
exceeding 10 but not exceeding 15 (per driver/ certificate)
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363
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11
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F
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Motor Trade (Road Risks) (Motorized Two Wheelers) – (Named
Driver or Trade Certificate)
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1st named driver or certificate
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515
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For each additional Driver/
Certificate
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257
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*Vintage
cars: A discount of 50% shall be allowed for private cars under Vintage
cars segment certified as Vintage cars by Vintage & Classic Car Club of
India.
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Table II
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S. No.
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Cate-gory
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Description of Vehicle Class
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Premium with effect from 16th
June 2019 (Rs.)
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Basic TP Premium (A)
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Premium (per licensed passenger)
(B)#
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12
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C1a
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Four wheeled vehicles used for carrying passengers for hire or
reward with carrying capacity not exceeding 6 passengers
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|
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Not exceeding 1000 cc
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5,769
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1,110
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Exceeding 1000 cc not exceeding 1500 cc
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7,584
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934
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Exceeding 1500 cc
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10,051
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1,067
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13
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C1b
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Three wheeled vehicles used for carrying passengers for hire or
reward with carrying capacity not exceeding 6 passengers
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Except e-rickshaw
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2,595
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1,241
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e-rickshaw
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1,685
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806
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14
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C2
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Four or more wheeled vehicles used for carrying passengers with
carrying capacity exceeding 6 passengers for hire or reward
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School Buses$
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13,874
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848
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Other Buses
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14,494
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886
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15
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C3
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Motorized three wheeled passenger vehicles used for carrying
passengers for hire or reward with carrying capacity exceeding 6 passengers
but not exceeding 17 passengers
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6,913
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1,379
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16
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C2
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Three wheeled passenger vehicles used for carrying passengers
for hire or reward with carrying capacity exceeding 17 passengers
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15,845
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969
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17
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C4
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Motorized Two wheelers used for carrying passengers for hire or
reward
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|
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Not exceeding 75 cc
|
861
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580
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|
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Exceeding 75 cc but not exceeding 150 cc
|
861
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580
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Exceeding 150 cc but not exceeding 350 cc
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861
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580
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Exceeding 350 cc
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2,254
|
580
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|
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#
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TP
Premium is the total of Basic TP Premium (A) plus an amount derived by
multiplying the Licensed carrying capacity by the amount in (B)
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$
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School
Buses are those buses which are registered in the name of the School and are
used only for Transporting students to or from a school or on school related
trips
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Table III
Long Term
Premium rate table
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S.No.
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Category of Vehicle
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Premium with effect from 16th
June 2019 (Rs.)
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18
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New
Private Car – 3 Year Single Premium
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Not exceeding 1000 cc
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5,286
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Exceeding 1000 cc but not exceeding 1500 cc
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9,534
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Exceeding 1500 cc
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24,305
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19
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New Two Wheelers – 5 year Single
Premium
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Not exceeding 75 cc
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1,045
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Exceeding 75 cc but not exceeding 150 cc
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3,285
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Exceeding 150 cc but not exceeding 350 cc
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5,453
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Exceeding 350 cc
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13,034
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Table IV
Rates for
Electric Private Cars and Two Wheelers
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S.No.
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Category of Vehicle
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Premium with effect from 16th
June 2019 (Rs.)
|
|
One
Year Policies
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Long-
Term Policies
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20
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Private
Cars
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Not Exceeding 30 KW
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1,761
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4,493
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Exceeding 30 KW but not exceeding 65
KW
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2,738
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8,104
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Exceeding 65 KW
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6,707
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20,659
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21
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Two
Wheelers
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Not Exceeding 3 KW
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410
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888
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Exceeding 3 KW but not exceeding 7
KW
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639
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2,792
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Exceeding 7 KW but not exceeding 16
KW
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1,014
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4,635
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Exceeding 16 KW
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1,975
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11,079
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Table V
Rates for
Quadricycle
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Category of
Vehicle
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Premium
with effect from 16th June 2019 (Rs.)
|
|
Basic
TP Premium (A)
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Premium (per licensed passenger) (B)#
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Quadricycle (Private Cars)
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2,072
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N/A
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Quadricycle ( Commercial Vehicles not exceeding
500 CC)
|
2,595
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1,241
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#TP Premium is the total of Basic TP Premium (A) plus an amount derived
by multiplying the Licensed carrying capacity by the amount in (B)
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Note: N/A- Not Applicable
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| Insurance Regulatory and Development Authority of India. All Right Reserved.
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