Third-party insurance premium for cars, two-wheelers to be hiked from June 16

Customers can also pay single premium rate -- 3-year for new cars and 5-year for new two wheelers.

New Delhi: The Motor Third-party insurance premium for cars, two-wheelers and trucks or transport vehicles will be hiked from June 16, as per a decision taken by the Insurance Regulatory and Development Authority of India (Irdai).

After the new increased rates the following charges will come to effect for the current financial year.

For Cars

1000cc private cars: Customers will have to pay Rs 2,072 as against 1,850 paid earlier

Above 1000cc -1500 cc private cars: Customers will have to pay Rs 3,221 as against 2,863 paid earlier

Above 1500 cc private cars: Customers will have to pay Rs 2323. It was same previously

For Two-Wheelers

75cc bikes: Customers will have to pay Rs 482 as against 427 paid earlier

75cc-150cc bikes: Customers will have to pay Rs 752 as against 720 paid earlier

150cc-350cc bikes: Customers will have to pay Rs 1,193 as against 985 paid earlier

For trucks or transport vehicles

75 Tonne Trucks: Customers will have to pay Rs 15,746 as against 14,390 paid earlier

75 tonne to 120 tonne trucks: Customers will have to pay Rs 26,935 as against 24,190 paid earlier

120 tonne to 200 tonne trucks: Customers will have to pay Rs 33,418 as against 32,367 paid earlier

200 tonne to 400 tonne trucks Customers will have to pay Rs 43,037 as against 39,849 paid earlier

These are the single premium rate -- 3-year for new cars and 5-year for new two wheelers

Long term Cars for 3 years

1000cc private cars: Rs 5,286                         

1000cc -1500cc private cars: Rs 9,534

Above 1500cc private cars: Rs 24,305

Long term 2-Wheelers for 5 years

75cc 2-Wheelers: Rs 1,045           

75cc to 150cc 2-Wheelers: Rs 3,285

150cc to 350cc 2-Wheelers: Rs 5,453                    

Above  350cc 2-Wheelers: Rs 13,034