Third Party Motor Insurance Rates (FY 2017 – 2018)

It’s that time of the year when I.R.D.A. (Insurance Regulatory & Development Authority) announces new T.P. Rates for Motor Insurance to be followed by all Insurers pan India.  Every year there is an increase/decrease in these rates that the regulator calculates on the basis of claims ratio & other important criteria.

The formula for the same & calculation method is detailed for your reference here.

This year I have compiled the data along with previous year rates so that increase is clearly evident for easy calculation at a glance.


Revised Motor Third Party Premium w.e.f. 01/04/2017 by I.R.D.A.

2 Wheelers

Current

Previous

a)    Not exceeding 75 C.C.

569.00

569.00

b)    Exceeding 75 C.C. but not exceeding 150 C.C.

720.00

₹ 619.00

c)    Exceeding 150 C.C. but not exceeding 350 C.C.

887.00

693.00

d)    Exceeding 350 C.C.

₹ 1,019.00

796.00

Private Car

Current

Previous

a)    Not exceeding 1,000 C.C.

2,055.00

2,055.00

b)    Exceeding 1,000 C.C. but not exceeding 1,500 C.C.

2,863.00

2,237.00

c)    Exceeding 1,500 C.C.

7,890.00

6,164.00

Goods Carrying Public Carrier (Other than 3 Wheeler)

Current

Previous

a)    G.V.W. not exceeding 7,500 K.G.

14,390.00

14,390.00

b)    G.V.W. exceeding 7,500 K.G. but not exceeding 12,000 K.G.

19,667.00

15,365.00

c)    G.V.W. exceeding 12,000 K.G. but not exceeding 20,000 K.G.

28,899.00

22,577.00

d)    G.V.W. exceeding 20,000 K.G. but not exceeding 40,000 K.G.

31,626.00

24,708.00

e)    G.V.W. exceeding 40,000 K.G.

33,024.00

25,800.00

Goods Carrying Private Carrier (Other than 3 Wheeler)

Current

Previous

a)    G.V.W. not exceeding 7,500 K.G.

₹ 7,938.00

7,849.00

b)    G.V.W. exceeding 7,500 K.G. but not exceeding 12,000 K.G.

₹ 14,330.00

11,528.00

c)    G.V.W. exceeding 12,000 K.G. but not exceeding 20,000 K.G.

9,871.00

9,390.00

d)    G.V.W. exceeding 20,000 K.G. but not exceeding 40,000 K.G.

14,805.00

12,821.00

e)    G.V.W. exceeding 40,000 K.G.

21,318.00

16,655.00

Goods Carrying Motorized Pedal Cycles & 3 Wheelers

Current

Previous

a)    Public Carrier

E Carts

3,969.00

3,969.00

Except E Carts

₹ 5,680.00

₹ 5,680.00

b)    Private Carrier

E Carts

3,438.00

3,438.00

Except E Carts

₹ 4,200.00

₹ 4,200.00

Trailers

Current

Previous

a)    Agricultural Tractors upto 6 H.P.

₹ 653.00

510.00

b)    Other Vehicles including Miscellaneous & Special type of Vehicles

1,673.00

1,307.00

Note: This rate is for one trailer, for more trailers, multiply by no. of trailers.

Passenger Carrying for Hire or Reward

4 Wheelers with Seating Capacity less than 6 passengers

Current (A)

Current (B)

Previous (A)

Previous (B)

a)    Not exceeding 1,000 C.C.

6,396.00

1,230.00

6,396.00

1,230.00

b)    Exceeding 1,000 C.C. but not exceeding 1,500 C.C.

8,408.00

1,035.00

8,408.00

1,035.00

c)    Exceeding 1,500 C.C.

₹ 11,144.00

1,183.00

₹ 11,144.00

1,183.00

Note: T.P. Premium is the total of a basic amount (A) plus an amount derived by multiplying the licensed carrying capacity by the amount in (B).

3 Wheelers with Seating Capacity less than 6 passengers

Current (A)

Current (B)

Previous (A)

Previous (B)

a)    E Rickshaw

1,440.00

689.00

1,125.00

538.00

b)    Except E Rickshaw

2,218.00

1,061.00

1,733.00

829.00

Note: T.P. Premium is the total of a basic amount (A) plus an amount derived by multiplying the licensed carrying capacity by the amount in (B).

Seating Capacity exceeding 6 passengers

Current (A)

Current (B)

Previous (A)

Previous (B)

a)    3 Wheelers

5,318.00

1,061.00

4,155.00

₹ 829.00

b)    4 or more wheeled vehicles

13,176.00

805.00

10,294.00

₹ 629.00

Note: T.P. Premium is the total of a basic amount (A) plus an amount derived by multiplying the licensed carrying capacity by the amount in (B).

Motorized 3 Wheeler carrying passenger for Hire or Reward

Current (A)

Current (B)

Previous (A)

Previous (B)

a)    With carrying capacity more than 17 passengers

12,189.00

745.00

10,294.00

629.00

Note: T.P. Premium is the total of a basic amount (A) plus an amount derived by multiplying the licensed carrying capacity by the amount in (B).

Motorized 2 Wheelers for carrying passengers for Hire or Reward

Current (A)

Current (B)

Previous (A)

Previous (B)

a)    Not exceeding 75 C.C.

790.00

₹ 532.00

702.00

₹ 473.00

b)    Exceeding 75 C.C. but not exceeding 150 C.C.

790.00

₹ 532.00

702.00

₹ 473.00

c)    Exceeding 150 C.C. but not exceeding 350 C.C.

790.00

₹ 532.00

702.00

₹ 473.00

d)    Exceeding 350 C.C.

2,067.00

₹ 532.00

1,615.00

₹ 473.00

Note: T.P. Premium is the total of a basic amount (A) plus an amount derived by multiplying the licensed carrying capacity by the amount in (B).

Miscellaneous & Special Types of Vehicles

Current

Previous

a)    Pedestrian controlled Agricultural Tractors with Horse Power rating not exceeding 6 H.P., Hearses & Plane Loaders

1,148.00

897.00

b)    Other Miscellaneous & Special type of Vehicles

₹ 4,892.00

3,822.00

Motor Trade (Road Transit Risk)

Current

Previous

a)    Distance not exceeding 2,400 K.M.

1,088.00

1,088.00

b)    Distance exceeding 2,400 K.M.

1,308.00

1,308.00

Motor Trade (Road Risk) (Excluding Motorized 2 Wheelers)

Current

Previous

Named Driver or Trade Certificate

a)    1st named driver or certificate

₹ 1,108.00

₹ 985.00

b)    Per additional Drivers / Certificates upto 5

₹ 536.00

476.00

c)    Per additional Drivers / Certificates more than 5 but less than 10

₹ 345.00

307.00

d)    Per additional Drivers / Certificates more than 10 but less than 15

₹ 299.00

266.00

Motor Trade (Road Risk) (For Motorized 2 Wheelers)

Current

Previous

Named Driver or Trade Certificate

a)    1st named driver or certificate

530.00

530.00

b)    Per additional Drivers / Certificates

264.00

264.00

Third Party Motor Insurance Rates (FY 2016 – 2017)

It’s that time of the year when I.R.D.A. (Insurance Regulatory & Development Authority) announces new T.P. Rates for Motor Insurance to be followed by all Insurers pan India.  Every year there is an increase/decrease in these rates that the regulator calculates on the basis of claims ratio & other important criteria.

The formula for the same & calculation method is detailed for your reference here.

This year I have compiled the data along with previous year rates so that increase is clearly evident for easy calculation at a glance.


Revised Motor Third Party Premium w.e.f. 01/04/2016 by I.R.D.A.

2 Wheelers

Current

Previous

a)    Not exceeding 75 C.C.

569.00

519.00

b)    Exceeding 75 C.C. but not exceeding 150 C.C.

₹ 619.00

538.00

c)    Exceeding 150 C.C. but not exceeding 350 C.C.

693.00

554.00

d)    Exceeding 350 C.C.

796.00

884.00

Private Car

Current

Previous

a)    Not exceeding 1,000 C.C.

2,055.00

1,468.00

b)    Exceeding 1,000 C.C. but not exceeding 1,500 C.C.

2,237.00

1,598.00

c)    Exceeding 1,500 C.C.

6,164.00

4,931.00

Goods Carrying Public Carrier (Other than 3 Wheeler)

Current

Previous

a)    G.V.W. not exceeding 7,500 K.G.

14,390.00

14,390.00

b)    G.V.W. exceeding 7,500 K.G. but not exceeding 12,000 K.G.

15,365.00

15,365.00

c)    G.V.W. exceeding 12,000 K.G. but not exceeding 20,000 K.G.

22,577.00

19,632.00

d)    G.V.W. exceeding 20,000 K.G. but not exceeding 40,000 K.G.

24,708.00

19,766.00

e)    G.V.W. exceeding 40,000 K.G.

25,800.00

19,846.00

Goods Carrying Private Carrier (Other than 3 Wheeler)

Current

Previous

a)    G.V.W. not exceeding 7,500 K.G.

7,849.00

8,721.00

b)    G.V.W. exceeding 7,500 K.G. but not exceeding 12,000 K.G.

11,528.00

8,868.00

c)    G.V.W. exceeding 12,000 K.G. but not exceeding 20,000 K.G.

9,390.00

8,972.00

d)    G.V.W. exceeding 20,000 K.G. but not exceeding 40,000 K.G.

12,821.00

11,149.00

e)    G.V.W. exceeding 40,000 K.G.

16,655.00

13,879.00

Goods Carrying Motorized Pedal Cycles & 3 Wheelers

Current

Previous

a)    Public Carrier

E Carts

3,969.00

4,733.00

Except E Carts

₹ 5,680.00

b)    Private Carrier

E Carts

3,438.00

4,071.00

Except E Carts

₹ 4,200.00

Trailers

Current

Previous

a)    Agricultural Tractors upto 6 H.P.

510.00

483.00

b)    Other Vehicles including Miscellaneous & Special type of Vehicles

1,307.00

1,238.00

Note: This rate is for one trailer, for more trailers, multiply by no. of trailers.

Passenger Carrying for Hire or Reward

4 Wheeler with Seating Capacity less than 6 passengers

Current (A)

Current (B)

Previous (A)

Previous (B)

a)    Not exceeding 1,000 C.C.

6,396.00

1,230.00

4,920.00

946.00

b)    Exceeding 1,000 C.C. but not exceeding 1,500 C.C.

8,408.00

1,035.00

6,726.00

828.00

c)    Exceeding 1,500 C.C.

₹ 11.144.00

1,183.00

8.915.00

946.00

Note: T.P. Premium is the total of a basic amount (A) plus an amount derived by
multiplying the licensed carrying capacity by the amount in (B).

3 Wheeler with Seating Capacity less than 6 passengers

Current (A)

Current (B)

Previous (A)

Previous (B)

a)    E Rickshaw

1,125.00

538.00

1,333.00

638.00

b)    Except E Rickshaw

1,733.00

829.00

Note: T.P. Premium is the total of a basic amount (A) plus an amount derived by multiplying the licensed carrying capacity by the amount in (B).

Seating Capacity exceeding 6 passengers

Current (A)

Current (B)

Previous (A)

Previous (B)

a)    3 Wheelers

4,155.00

₹ 829.00

3,196.00

638.00

b)    4 or more wheeled vehicles

10,294.00

₹ 629.00

8,235.00

503.00

Note: T.P. Premium is the total of a basic amount (A) plus an amount derived by
multiplying the licensed carrying capacity by the amount in (B).

Motorized 3 Wheeler carrying passenger for Hire or Reward

Current (A)

Current (B)

Previous (A)

Previous (B)

a)    With carrying capacity more than 17 passengers

10,294.00

629.00

8,235.00

503.00

Note: T.P. Premium is the total of a basic amount (A) plus an amount derived by multiplying the licensed carrying capacity by the amount in (B).

Motorized 2 Wheelers for carrying passengers for Hire or Reward

Current (A)

Current (B)

Previous

a)    Not exceeding 75 C.C.

702.00

₹ 473.00

702.00

b)    Exceeding 75 C.C. but not exceeding 150 C.C.

702.00

₹ 473.00

702.00

c)    Exceeding 150 C.C. but not exceeding 350 C.C.

702.00

₹ 473.00

702.00

d)    Exceeding 350 C.C.

1,615.00

₹ 473.00

1,615.00

Note: T.P. Premium is the total of a basic amount (A) plus an amount derived by multiplying the licensed carrying capacity by the amount in (B).

Miscellaneous & Special Types of Vehicles

Current

Previous

a)    Pedestrian controlled Agricultural Tractors with Horse Power rating not exceeding 6 H.P., Hearses & Plane Loaders

897.00

690.00

b)    Other Miscellaneous & Special type of Vehicles

3,822.00

2,730.00

Motor Trade (Road Transit Risk)

Current

Previous

a)    Distance not exceeding 2,400 K.M.

1,088.00

1,088.00

b)    Distance exceeding 2,400 K.M.

1,308.00

1,308.00

Motor Trade (Road Risk) (Excluding Motorized 2 Wheelers)

Current

Previous

Named Driver or Trade Certificate

a)    1st named driver or certificate

₹ 985.00

1,094.00

b)    Per additional Drivers / Certificates upto 5

476.00

529.00

c)    Per additional Drivers / Certificates more than 5 but less than 10

307.00

341.00

d)    Per additional Drivers / Certificates more than 10 but less than 15

266.00

295.00

Motor Trade (Road Risk) (For Motorized 2 Wheelers)

Current

Previous

Named Driver or Trade Certificate

a)    1st named driver or certificate

530.00

589.00

b)    Per additional Drivers / Certificates

264.00

293.00

Third Party Motor Insurance Rates (FY 2015 – 2016)

I.R.D.A. (Insurance Regulatory & Development Authority) regulates, reviews & revises the Third Party Motor Insurance Premium Rates on yearly basis by exercising the powers vested in it under Section 14(2)(i) of the IRDA Act 1999 & are applicable from 1 April of every year.

I.R.D.A. specified the following formula to review the Third Party Motor Insurance Premium Rates on yearly basis in its notification dated 15 April, 2011 :

P(t) = C1(t) * CII (t-1) + C2(t)

P(t) is the Third Party Premium for the year t.

CII (t-1) is the C.I.I. (Cost Inflation Index) for the year (t-1) as notified by C.B.D.T. (Central Board of Direct Taxation).

C1(t) & C2(t) are parameters, for the year t, derived upon by average claim amount, claim frequency & expenses involved in providing services.  It varies for different vehicle class.

TP Premium Chart 01

 

TP Premium Chart 02

 

TP Premium Chart 03