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The Insurance Regulatory and Development Authority of India specifies motor third party premium rates for e-carts, e-rickshaws, and motorized two-wheelers carrying passengers for hire or reward. General insurers must apply the specified basic and passenger premium amounts based on the vehicle classification and licensed capacity. The source document does not state an explicit effective date.
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भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
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 $20^{\text{th}}$ 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
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/-
This has approval of the competent Authority
[Image omitted. See the official document.]
(N M Behera) Deputy Director
