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Know About Insurance Premium Rates For Electric Vehicles By IRDAI

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The IRDAI or the Insurance Regulatory and Development Authority of India – has been notifying the premium rates applicable to the Motor Third Party (TP) Liability Insurance, every year, starting from 2011.

The IRDAI calculates the premium rates that are to be levied and the technique used – when simply stated is this. The ultimate claims for each accident year are estimated from the recorded paid values till date. Thereafter assuming that the future development of payment and movement of paid claims would follow the pattern of the previous years – the next year’s premium is calculated. This is, of course, a highly simplistic description

 For the first time - a discount of 15%, on Motor TP premium rates for Electric Private Cars and Electric Two wheelers, is proposed by the IRDAI. This will be an incentive to use environmentally friendly vehicles. This is a welcome move as it shows intention and provides a boost towards sales of Electric Vehicles and thereby a cleaner environment.

The proposed rates for Insurance of vehicles have risen for the next year that is 2019-20, for One-year Insurance. The Long term Insurance rates remain the same. Long term insurance rates refer to 3-year rates for new private four-wheeler vehicles and 5-year rates for new private 2 wheelers.

New EV rates have been notified at a 15% discount to car insurance rates of Fuel based vehicles.

 

 

 

 

Insurance Rates Current Year And Next Year

SHORT TERM (1 YEAR)

Vehicle Type

Existing Rates (Rs)

FY 2018-19

Proposed Rates

(Rs)

FY 2019-20

Private Cars*$

Not exceeding 1000 cc

1,850

2,120

Exceeding 1000 cc but not exceeding 1500 cc

2,863

3,300

Exceeding 1500 cc

7,890

7,890

Two Wheelers*

Not exceeding 75 cc

427

482

Exceeding 75 cc but not exceeding 150 cc

720

752

Exceeding 150 cc but not exceeding 350 cc

985

1,193

Exceeding 350 cc

2,323

2,323

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LONG TERM (3 YEARS FOR CARS 5 YEARS FOR 2 WHEELERS)

Long Term Premium rate table

Category of Vehicle

Existing Rates

(Rs.)

FY  2018-19

Proposed Rates (Rs.)

FY 2019-20

New Private Car – 3 Year Single Premium

Not exceeding 1000 cc

5,286

5,286

Exceeding 1000 cc but not exceeding 1500 cc

9,534

9,534

Exceeding 1500 cc

24,305

24,305

New Two Wheelers – 5-year Single Premium

Not exceeding 75 cc

1,045

1,045

Exceeding 75 cc but not exceeding 150 cc

3,285

3,285

Exceeding 150 cc but not exceeding 350 cc

5,453

5,453

Exceeding 350 cc

13,034

13,034

 

NEW THIRD-PARTY INSURANCE PREMIUM RATES FOR ELECTRIC VEHICLES

Category of Electric Vehicle

Short Term Premium (one-year policy)

Long Term Premium (*)

Private cars with kilowatt capacity (KW)

 

 

Not exceeding 30 KW

 Exceeding 30KW but not exceeding 65KW

Exceeding 65KW

Rs 1,761

Rs 2,738

Rs 6,707

Rs 4,493

Rs 8,104

Rs 20,659

 

 

 

Two-wheelers

 

 

Not exceeding 3 KW

Exceeding 3 KW but not exceeding 7 KW

Exceeding 7 KW but not exceeding 16 KW

Exceeding 16 KW

Rs 410

Rs 639

Rs 1,014

Rs 1,975

Rs 888

Rs 2,792

Rs 4,635

Rs 11,079

 

 

 

Source: IRDAI 

 

 

(*)Long term insurance rates refer to 3-year rates for new private four-wheeler vehicles and 5-year rates for new private 2 wheelers

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