bike-insurance-IRDAI-motorcyclediaries

The 3rd party insurance for mainstream bikes and scooters up to 150cc will be costlier by Rs 160

Insurance Regulatory and Development Authority has directed all private and public insurance companies to increase the premium for 3rd party insurance premium for two-wheelers. The hiked price will be effective from June 16th. The increase in price will minuscule for vehicles up to 150cc. However, the major hike in price is seen in engine capacity above 150cc to 350cc. This segment saw a hike of 21%.

3rd party insurance-motorcyclediaries

Vehicles up to 75cc (we don’t have any though) the insurance premium is increased by 13%. And now you have to pay Rs 482 instead of Rs 427 previously. The premium for two-wheelers ranging from 75cc up to 150cc has been increased by 4.4%. Now you have to pay Rs 32 extra for a bike or scooter in this segment. Majority of sales in the two-wheeler industry comes from this segment. All in all, you have to pay just Rs 160 for a 5-year term. Never Mind.

Check out the new pricing of 3rd party insurance premium

Category Old Price New Price 5-year term Hike
upto 75 cc Rs 427 Rs 482 Rs 1045 Rs 275
75cc – 150cc Rs 720 Rs 752 Rs 3285 Rs 160
150cc – 350cc Rs 985 Rs 1193 Rs 5453 Rs 1040
350cc and above Rs 2323 Rs 2323 Rs 13034 Zero

Also Read: Vespa Urban Club launched for Rs 72,190

Major hike in the 3rd party insurance premium of 21% is seen in 150cc to 350cc segment. Now, instead of Rs 985, you have to pay Rs 1193 for bikes in this segment. Means if you are buying a Pulsar NS 200 or new Gixxer SF 250, you have to pay Rs 1040 more. However, there is no change in the premium for bike above 350cc. That said, your KTM Duke 390 did not saw any change.

electric bike motorcycle diaries

The Insurance Regulatory and Development Authority has also drafted the pricing of 3rd party insurance for electric two-wheelers. Below is the premium cost of insurance in different segments of EVs according to their power output.

Category Premium cost 5-year term
upto 3kW Rs 410 Rs 888
3kW – 7kW Rs 639 Rs 2792
7kW – 16 kW Rs 1014 Rs 4635
16 kW and above Rs 1975 Rs 11079

 

The move of the government authorities might not impact the sales of two-wheelers upto 150cc and above 350cc. But premium sports commuter segment, as well as, sports and performance segment, will take the major toll as the price hike is mainly targeted at this segment. Our favorite, I mean the favorite segment of all the enthusiasts.

Ride Safe, Ride Hard, and always wear a helmet while riding. Stay Tuned for more from the world of motorcycling.

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