Excel for
Chartered Accountants
Insurance Regulatory and Development Authority of India (IRDA)
Ref: IRDA/NL/CIRI/MOTP/196/11/2015 4th November, 2015
CIRCULAR
Re: Motor Third Party Premium rates for e-carts [A3/A4], e-rickshaws [C1(b) and Passenger premium for Motorised two wheeler Carrying Passengers for Hire or Reward[C4]
The Motor Vehicles Amendment Act, 2015, as notified in the Gazette of India on 20
th
March 2015, brings the e-carts and e-rickshaws under its ambit. As per the amendment, e-carts or e-rickshaws are special purpose battery powered vehicles not exceeding 4000 watts, having three wheels for carrying goods or passengers, as the case may be, for hire or reward.
In view of the said amendment, it is required to provide the applicable third party premium rates for battery driven three wheeled vehicles up to 4000 watt in respect of
(i) Passengers carrying vehicles and
(ii)
Goods carrying vehicles: (a) Private carriers & (b) Public carriers.
|
Battery powered (not exceeding 4000 watt ) e-carts and e-rickshaws |
||
|
IMT Classification |
Premium |
|
|
C1(b) |
Three Wheeler (Passenger) up to 6 passengers
|
Rs 1,066/- + (Rs. 510/- per passenger X Total no. of passengers the vehicle is licensed to carry) |
|
A3 |
Three Wheeler (Goods – Public Carrier) |
Rs. 3,760/- |
|
A4 |
Three Wheeler (Goods – Private Carrier) |
Rs. 3,257/- |
In the meantime, it is noticed that the Passenger Premium Rate for Motorized Two wheelers used for carrying passengers for hire or rewards has not been provided. Therefore the following premium rates shall be applicable:
|
Motorized Two wheelers used for carrying passengers for hire or rewards |
|||
|
IMT classification |
Basic Premium Rs. (A)* |
Premium (per licensed passenger) Rs. (B)* |
|
|
C 4 |
Not exceeding 75 cc |
702/- |
473/- |
|
Exceeding 75 cc but not exceeding 150 cc |
702/- |
||
|
Exceeding 150 cc but not exceeding 350 cc |
702/- |
||
|
Exceeding 350 cc |
1615/- |
||
|
* TP Premium is the total of a Basic Amount (A) plus an amount derived by multiplying the licensed carrying capacity by the amount in (B) |
|||
This has approval of the competent Authority
(N M Behera)
Deputy Director
IRDA-Third party Insurance Premium Rates for battery powered three wheels e-carts e-rickshaws not exceeding 4000 watts for carrying goods or passengers | 05-11-2015 |
