Vehicle Insurance to get costlier

Vehicle insurance is all set to get costlier from April 1, 2016. The Union budget presented in the parliament has prompted the hike in insurance rates of different vehicles. Insurance Regulatory and Development Authority (IRDA) has confirmed a hike of up to 40 % in third party motor insurance premium rates for the year 2016-2017.

The hike for vehicles falling under different category is as follows:

Vehicle Category	Percentage hike
Cars under 1500 cc	40 %
Cars above 1500 cc	25 %
Motorcycles under 75 cc	9.6 %
Motorcycles between 75 cc and 150 cc	15 %
Motorcycles between 150 cc and 350 cc	25 %
Motorcycles beyond 350 cc	-10 %
Auto rickshaws	3.2 %
Public Carriers	15 to 30 %
Goods vehicles or trucks (below 12,000 kgs)	0 %