THIRUVANANTHAPURAM: Third party insurance premium for vehicles will increase from April. For private cars, the increase will be at least Rs 2,000. The premium for two wheelers will increase by at least Rs 1300.

For electric vehicles amount after decreasing 15% discount on electric vehicles is recommended.

The increase was recommended in a draft notification issued by the Insurance Regulatory and Development Authority in consultation with the Ministry of Transport. The premium was increased after two years.

There was a significant drop in claims in the motor vehicle segment due to Covid lockdown. At the same time, there has been a huge increase in health insurance claims.

Premium increase

Private car

Rs 2,094: Up to 1000 cc

Rs 3,416: Up to 1,500 cc

Rs 7,897: above 1,500 cc

Two-wheeler

Rs 1,366: 150- 350 cc

Rs 2,804: Above 350 cc

Commercial vehicle Rs 16,049 - 44,242

Electric vehicle

Rs 1,780 - 6,712 : For private cars

Rs 457 - Rs 2,383: For two-wheelers