The third-party insurance charges for bikes and scooters will become expensive today. The government now has raised the base premium price that will be effective from today.
The third-party premium for bikes under 75cc has been kept at Rs 538, between 75cc to 150cc at Rs 714, and between 150cc to 350cc at Rs 1,366. All the bikes and scooters above 350cc will carry a premium of Rs 2,804.
The five-year premiums will likewise see some drastic changes. For bikes up to 75cc, the premium is set at Rs 2,901, whereas it has been kept at Rs 3,851 for vehicles somewhere in the range of 75cc and 150cc. Further, it will cost Rs 7,365 and Rs 15,117 for bikes somewhere in the range of 150cc and 350cc and above 350cc, respectively.
The industry hasn’t been growing since it was expected to and today with these increases, the price of acquiring a motorcycle or a scooter will rise considerably. This might see buyers push their purchase by a few months.