Bikes in India may have increased insurance amount

As per the latest decisions of Insurance Regulatory and Development Authority of the country, motor insurance costs are to be increased in the coming months after approval. The charges for cars and bikes in India will be increase by 10 percent while that for trucks will increase around 80 percent of the present insurance amount. For a sub 1000 cc vehicle, it will increase from Rs 670 to Rs 740, for cars of up to 1500 cc, an increment of around Rs 80 is decided, while that for trucks weighing up to 7500 Kg, the premium will rise from Rs 5,580 to Rs 10,040. The amendments with insurance prices are to be done considering the fact that the third party motor insurance faced a deficit that could touch Rs 2000 crores. The superbikes like Yamaha VMAX, Suzuki GSXR 1000, Suzuki Hayabusa will attract more insurance amount than commuter bikes like Hero Honda Splendor, Bajaj Discover, TVS Star.

The idea have been proposed by IRDA for third party motor insurance-the cover which compensates accident victims and is to be made compulsory for all vehicle owners. January 17Th is decided to be the final deadline for receiving comments from all stake holders and the changes will then be confirmed. After the completion of all kind of formalities, the new insurance costs will be disclosed officially by IRDA. Also it is known that IRDA suggested the country's government to reintroduce the concept of limited liability which was discontinued in the year 1988.