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Ride without worries, with Bharti AXA long term two wheeler insurance plan.
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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.
SHORT TERM (1 YEAR)
Existing Rates (Rs)
Not exceeding 1000 cc
Exceeding 1000 cc but not exceeding 1500 cc
Exceeding 1500 cc
Not exceeding 75 cc
Exceeding 75 cc but not exceeding 150 cc
Exceeding 150 cc but not exceeding 350 cc
Exceeding 350 cc
LONG TERM (3 YEARS FOR CARS 5 YEARS FOR 2 WHEELERS)
Long Term Premium rate table
Category of Vehicle
Proposed Rates (Rs.)
New Private Car – 3 Year Single Premium
New Two Wheelers – 5-year Single Premium
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
Not exceeding 3 KW
Exceeding 3 KW but not exceeding 7 KW
Exceeding 7 KW but not exceeding 16 KW
Exceeding 16 KW
(*)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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Disclaimer :The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice for Travel/Health/Motor. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.
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