Third party insurance protects you from hardships in case someone else gets hurt or killed by your vehicle. It also proves to be very helpful for you in case of damage to the property by going to another vehicle. We have given detailed information about its benefits and rules in the previous article. In this post we will know what is the cost of third party insurance? Here we are giving the list of new third party insurance prices (2022) for two wheelers and four wheelers separately. First of all let us discuss the need of third party insurance
Why is it necessary to get third party insurance?
- Avoidance of action of fine or imprisonment: Whether you have a bike or a car or any other type of engine driven vehicle. It is legally mandatory for any person owning any such vehicle in India to get third party insurance. If you are caught driving an uninsured vehicle on the road, you can be fined up to ₹2000 or jailed for 3 months. Or both fine and jail action can be done simultaneously.
- avoidance of compensation for harm caused to anotherThe biggest advantage of having third party insurance for your vehicle is that if any person gets hurt or dies due to your vehicle, the compensation is paid by the insurance company. The insurance company also pays compensation for the damage caused to the vehicle or property of another person. The burden of court proceedings in this regard is also borne by the insurance company.
What is the cost of third party insurance? Third-Party Insurance Price List
Vehicle insurance prices vary according to the engine capacity (CC) of the vehicle. Here we are also giving a different list of third party insurance prices according to the type of vehicle (two wheeler, personal car, commercial). The list of third party insurance that we are giving in this article is applicable from 16 June 2019. There has been no change in them since then.
Insurance charges for bikes and two wheelers (Premium)
| Engine capacity less than 75 CC | 482 rupees |
| Engine Capacity Between 75 CC to 150 CC | 752 rupees |
| Engine Capacity Between 150 CC to 350 CC | 1193 rupees |
| With 350 CC more engine capacity | 2323 rupees |
Insurance Charges for Private Car (Premium)
| Engine capacity less than 1000 CC | 2072 rupees |
| Having capacity between 1000 CC to 1500 CC | 3221 rupees |
| Having engine capacity of more than 1500 CC | 7890 rupees |
Insurance charges for electric two wheeler and private car
| electric private car | |
| For capacity less than 30 KW (KW) | 1761 rupees |
| For capacity between 30 KW to 65 KW | 2738 rupees |
| For vehicles with capacity above 65 KW | 6707 rupees |
| electric two wheeler | |
| For capacity less than 3 KW (KW) | 410 rupees |
| For capacity between 3 KW to 7 KW | 639 rupees |
| For capacity between 7 KW to 16 KW | 1014 rupees |
| For two wheelers with capacity above 16 KW | 1975 Rupees |
For private (four wheeler or larger) vehicles carrying goods
GVW= gross vehicle weight
| Vehicles weighing less than 7500 kg (GVW) | 8438 rupees |
| Vehicles weighing from 12000 to 20000 kg | 17204 rupees |
| Vehicles weighing 20000 to 40000 kg | 10876 rupees |
| For engine capacity above 350 cc | Rs 17476 |
| Vehicles weighing more than 40000 kg | 24825 rupees |
For Government (four wheeler or larger) vehicles carrying goods
| Vehicles weighing less than 7500 kg (GVW) | 15746 rupees |
| Vehicles weighing from 7500 to 12000 kg | Rs 26935 |
| Vehicles weighing from 12000 to 20000 kg | Rs 33418 |
| Vehicles weighing 20000 to 40000 kg | 43037 rupees |
| Vehicles weighing more than 40000 kg | 41561 rupees |
How to Renew Car Insurance Online
For private three wheeler motor vehicles carrying goods
| Battery operated vehicles (E-carts) | 3204 rupees |
| Non E-carts | 3914 rupees |
For Government three wheeler motor vehicles carrying goods
| Battery operated vehicles (E-carts) | 2859 rupees |
| Non E-carts | 4092 rupees |
Comparison of First Party Insurance and Third Party Insurance
Insurance Charges for Passenger Carrying Three Wheeler (Premium)
| For E-Rickshaw (with battery) with 6 passenger capacity | 806 rupees |
| For three wheelers other than e-rickshaws with 6 passenger capacity | 1241 rupees |
| Motor engine for three wheeler with 6 to 17 ride capacity | Rs.6913+Rs.1379 per license holder passenger |
| For tricycles with capacity exceeding 17 rides | Rs 15845 + Rs 969 per license holder passenger |
Insurance Charges for Four Wheeler Carrying Passenger (Premium)
| Four wheeler with up to 6 rides | Basic Third Party Premium | Premium per license holder |
| Vehicles with engine capacity less than 1000 cc | 5769 rupees | 1110 rupees |
| Vehicles with capacity between 1000 cc to 1500 cc | 7584 rupees | 937 rupees |
| Vehicles with engine capacity above 1500 cc | 1051 rupees | 1067 rupees |
| Four wheeler with more than 6 ride capacity | ||
| for school bus | 13874 rupees | 848 rupees |
| to a bus other than a school bus | Rs 14894 | 886 rupees |
Job Information: What are the types of motor insurance
Insurance Charges for Two Wheeler Carrying Passenger (Premium)
| Basic Third Party Premium | Premium per license holder | |
| Two wheelers with capacity less than 75 cc | 861 rupees | 580 rupees |
| Two wheelers with capacity from 75 cc to 150 cc | 861 rupees | 580 rupees |
| Two wheelers with capacity from 150 cc to 350 cc | 861 rupees | 580 rupees |
| Two wheelers with capacity above 350 cc | 2254 rupees | 580 rupees |
Does getting comprehensive insurance cost more money?
The insurance prices we mentioned above are for third party insurance only. If you take comprehensive insurance, you have to pay a higher premium. To know what is comprehensive insurance, you need to understand the difference between third party insurance and comprehensive insurance. In short, the difference is as follows:
Third party insurance only
In this, the insurance company pays the damages caused by your vehicle to any other person or property. This is mandatory by law, failing which legal action will be taken against you. In this, there is no compensation for the damage caused to your vehicle.
Comprehensive Motor Insurance
Third party insurance is included in this, as well as the benefit of own damage is also available. That is, in case of any damage to your vehicle, its compensation is also received from the insurance company. It’s not mandatory by law, but it’s in your best interest to take it.
Personal Accident Insurance and Add Ons
If you opt for comprehensive motor insurance, there is an option to take another ancillary insurance cover along with it. These are called add ons or riders. Such as personal accident insurance, engine safety cover, road assistant cover, zero depreciation cover etc. But keep in mind – the more insurance facilities you increase, the more its premium will also increase. Also, know what this premium is.
The cost of insurance is called premium
Premium is the price charged by the insurance company for providing insurance cover to you or your vehicle. It can be repaid in one go as well as in installments. So now let us know how much premium you have to pay to get third party insurance as of today.
Pay attention: Here we have given a price list of third party insurance for the most popular vehicles. You can check the cost of third party insurance for other types of vehicles on the IRDAI website.
