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Premium up, upfront cost of car cover has doubled from Sept

October 11, 2018 06:33 AM


Premium up, upfront cost of car cover has doubled from Sept


Two-wheeler buyers have to pay nearly 10% of the vehicle’s price upfront towards insurance premium, while car-buyers are seeing the cost of motor cover double from last month. The premiums have jumped up significantly thanks to two court orders: The first makes purchase of a long-term, third-party insurance cover mandatory, while the second forces vehicle owners to buy a Rs 15 lakh personal accident cover, which is priced exorbitantly by insurers.

Anyone buying a twowheeler must purchase a fiveyear, third-party cover, and an annual personal accident cover. This is in addition to a comprehensive cover that is sold at the time of purchase of the vehicle. As a result, for a 150cc bike costing Rs 75,000, the insurance premium would be Rs 7,600. In the case of cars, the owner must pay premium for three years of third-party insurance and an additional Rs 750 towards a personal accident cover.

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