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Ref. No: IRDAINL/NL/NTFN/MOTP/91/06/2018 Date: 04-06-2019
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)


 

Annexure A

Motor Third Party Liability Insurance Premium for the Financial Year 2019-20 effective from from 16th June 2019

Table I

 

S. No.

Cate-gory

Description of Vehicle Class

Premium with effect from 16th June 2019 (Rs.)

1

 

Private Cars*

 

 

Not exceeding 1000 cc

2,072

 

 

Exceeding 1000 cc but not exceeding 1500 cc

3,221

 

 

Exceeding 1500 cc

7,890

 

 

 

 

2

 

Two Wheelers

 

 

Not exceeding 75 cc

482

 

 

Exceeding 75 cc but not exceeding 150 cc

752

 

 

Exceeding 150 cc but not exceeding 350 cc

1,193

 

 

Exceeding 350 cc

2,323

 

 

 

 

3

A1

Goods Carrying Vehicles Public Carriers (other than 3 wheelers) 

 

 

GVW not exceeding 7500 kgs

15,746

 

 

Exceeding 7500 kgs but not exceeding 12000 kgs

26,935

 

 

Exceeding 12000 kgs but not exceeding 20000 kgs

33,418

 

 

Exceeding 20000 kgs but not exceeding 40000 kgs

43,037

 

 

Exceeding 40000 kgs

41,561

 

 

 

 

4

A2

Goods Carrying Vehicles Private Carriers (other than 3 wheelers) 

 

 

GVW not exceeding 7500 kgs

8,438

 

 

Exceeding 7500 kgs but not exceeding 12000 kgs

17,204

 

 

Exceeding 12000 kgs but not exceeding 20000 kgs

10,876

 

 

Exceeding 20000 kgs but not exceeding 40000 kgs

17,476

 

 

Exceeding 40000 kgs

24,825

 

 

 

 

5

A3

Goods Carrying Motorized Three Wheelers and Motorized Pedal Cycles – Public Carriers 

 

 

Except e-carts

4,092

 

 

e-carts

2,859

 

 

 

 

6

A4

Goods Carrying Motorized Three Wheelers and Motorized Pedal Cycles – Private Carriers 

 

 

Except e-carts

3,914

 

 

e-carts

3,204

7

B

Trailers 

 

 

Agricultural Tractors up to 6 HP

857

 

 

Other vehicles including Miscellaneous & Special Type of Vehicles (Class-C), (For each trailer, for more please multiply by no. of trailers)

2,341

 

 

 

 

 

8

D

Special Types of Vehicles 

 

 

i)   Pedestrian controlled Agricultural Tractors with Horse Power rating not exceeding 6HP, Hearses and Plane Loaders

1,550

 

 

ii) Other Miscellaneous & Special types of vehicles

6,847

 

 

 

 

9

E

Motor Trade (Road Transit Risks) 

 

 

i)   Distance not exceeding 2400 kms

1,055

 

 

ii) Distance exceeding 2400 kms

1,268

 

 

 

 

10

F

Motor Trade (Road Risks) (Excluding Motorized Two Wheelers) – (Named Driver or Trade Certificate) 

 

 

1st named driver or certificate

1,345

 

 

For additional drivers/ certificates up to 5 (per driver/certificate)

651

 

 

For additional Drivers/ Certificates exceeding 5 but not exceeding 10 (per driver/ certificate)

419

 

 

For additional Drivers/ Certificates exceeding 10 but not exceeding 15 (per driver/ certificate)

363

 

 

 

 

11

F

Motor Trade (Road Risks) (Motorized Two Wheelers) – (Named Driver or Trade Certificate) 

 

 

1st named driver or certificate

515

 

 

For each additional Driver/ Certificate

257

 

*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.

 

Table II

 

 

S. No.


Cate-gory

 

 

Description of Vehicle Class

 

Premium with effect from 16th June 2019 (Rs.)

Basic TP Premium (A)

Premium (per licensed passenger) (B)#

 

12

C1a

Four wheeled vehicles used for carrying passengers for hire or reward with carrying capacity not exceeding 6 passengers 

 

 

Not exceeding 1000 cc

5,769

1,110

 

 

Exceeding 1000 cc not exceeding 1500 cc

7,584

934

 

 

Exceeding 1500 cc

10,051

1,067

 

 

 

 

 

 

13

C1b

Three wheeled vehicles used for carrying passengers for hire or reward with carrying capacity not exceeding 6 passengers 

 

 

Except e-rickshaw

2,595

1,241

 

 

e-rickshaw

1,685

806

 

 

 

 

 

 

 

14

C2

Four or more wheeled vehicles used for carrying passengers with carrying capacity exceeding 6 passengers for hire or reward

 

 

School Buses$

13,874

848

 

 

Other Buses

14,494

886

 

 

 

 

 

 

 

 

 

15

C3

Motorized three wheeled passenger vehicles used for carrying passengers for hire or reward with carrying capacity exceeding 6 passengers but not exceeding 17 passengers

6,913

1,379

 

 

 

 

 

16

C2

Three wheeled passenger vehicles used for carrying passengers for hire or reward with carrying capacity exceeding 17 passengers

15,845

969

 

 

 

 

 

17

C4

Motorized Two wheelers used for carrying passengers for hire or reward  

 

 

Not exceeding 75 cc

861

580

 

 

Exceeding 75 cc but not exceeding 150 cc

861

580

 

 

Exceeding 150 cc but not exceeding 350 cc

861

580

 

 

Exceeding 350 cc

2,254

580

 

#

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)

$

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

 


 

Table III

Long Term Premium rate table

 

S.No.

Category of Vehicle

Premium with effect from 16th June 2019 (Rs.)

18

New Private Car – 3 Year Single Premium

 

Not exceeding 1000 cc

5,286

 

Exceeding 1000 cc but not exceeding 1500 cc

9,534

 

Exceeding 1500 cc

24,305

19

New Two Wheelers – 5 year Single Premium

 

Not exceeding 75 cc

1,045

 

Exceeding 75 cc but not exceeding 150 cc

3,285

 

Exceeding 150 cc but not exceeding 350 cc

5,453

 

Exceeding 350 cc

13,034

 


 

Table IV

Rates for Electric Private Cars and Two Wheelers

 

S.No.

Category of Vehicle

Premium with effect from 16th June 2019 (Rs.)

One Year Policies

Long- Term Policies

20

Private Cars

 

Not Exceeding 30 KW

1,761

4,493

 

Exceeding 30 KW but not exceeding 65 KW

2,738

8,104

 

Exceeding 65 KW

6,707

20,659

21

Two Wheelers

 

Not Exceeding 3 KW

410

888

 

Exceeding 3 KW but not exceeding 7 KW

639

2,792

 

Exceeding 7 KW but not exceeding 16 KW

1,014

4,635

 

Exceeding 16 KW

1,975

11,079

 

 

 

 

 

 

 

 

 

 

Table V

Rates for Quadricycle

 

Category of Vehicle

Premium with effect from 16th June 2019 (Rs.)

Basic TP Premium (A)

Premium (per licensed passenger) (B)#

Quadricycle (Private Cars)

2,072

N/A

Quadricycle ( Commercial Vehicles not exceeding 500 CC)

2,595

 

1,241

 

#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)

Note: N/A- Not Applicable

 

 

 

  
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