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  • Revised Rate of Third-Party Car Insurance Policy

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    A car insurance is an agreement between the insurer and the policyholder where the insurer will protect the policyholder from financial liabilities incurred as a result of mishap in exchange for a fixed sum. As per the Motor Vehicles Act in India, it is mandatory for every car owner to insure his or her vehicle with a third-party liability cover at least. Car insurance in India is of two types, comprehensive car insurance and third-party liability cover.

    What is a third-party car insurance?

    A third-party car insurance is an agreement between the insurer and the policyholder where the insurer promises to protect the policyholder from liabilities towards the third-party involved in the mishap. A third-party liability coverage is mandatory in India for any car plying on the roads. A third-party car insurance covers the following:

    • Liabilities towards damage/loss to a third-party vehicle
    • Liabilities towards damage/loss to an external property
    • Liabilities towards injuries to a third-party involved in the mishap

    Revised rate of third-party insurance

    Recently, the Insurance Regulatory and Development Authority of India (IRDAI) have revised the third-party liability insurance premiums for the 2018-2019 fiscal year. The new third-party liability insurance rates have been effective from April 1, 2018.

    The table below exhibits the new third-party insurance premium rates:

    Private Car Third-party Liability Insurance Premium Effective From April 1st 2018
    With over 1000 cc 1,850
    Between 1000 cc and 1500 cc 2,863
    With over 1500 cc 7,890