A big good news for all the small car owners as the motor insurance premium rates have been abridged. The Insurance Regulatory and Development Authority of India have announced that this plan will be beneficial for those cars with engine capacity of less than 1,000 cc and the premium rate on those cars has been brought down to Rs 1,850 from the current rate of Rs 2,055. However, there has been no change in the existing cars with engine capacity higher than 1,000 cc. In the case of two-wheeler vehicles, the premium on two-wheelers with less than 75 cc engine will fall to Rs 427 from the present rate 569. But no change has been made for the entry level bikes or scooter that engines are between 75 to 150 cc. This plan will be effective from April 1st 2018.
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