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Price Hike in motor insurance premiums INSURANCE Here are the 5 things you must know about the price hike : 2 1 Only Third - party / TP policy rates are increasing TP policy rates are fixed by the IRDA and revised every year so they are fixed on the basis of Vehicle Engine Capacity . IRDAI has decided to increase premiums by up to 40 % Private car Your next insurance renewal is going to be expensive ? Of course , yes ! Two wheeler Vehicle Third Party rates then and now 4 Engine Capacity Less than 1000cc 1000cc - 1500cc More than 1500cc Engine Capacity Less than 75cc 75cc - 150cc 150cc - 350cc More than 350cc 2016-2017 2,055 2,237 6,164 2016-2017 569 619 693 796 2017-2018 3 Type of Insurance doesn't matter 2,055 3,132 2017 - 2018 8,630 569 720 ₹ 970 1,114 - They sense that TP rates need to catch up with inflation You can still SAVE ! Renew before March 31 , 2017 , and save yourself from the price hike . Even if your car / bike insurance is due to expire on or before May 15 , 2017 . MARCH 31 % increase Whether you have a Comprehensive Policy , Bumper - To - Bumper Policy or Third Party Only Policy , price hike affects everyone . Third Party policy is a mandatory component of all motor insurance policies ! 5 Why are the rates increasing , by the way ? Already expired bike policy ? - Your bike won't need inspections . Just Renew . Share the gyaan . Save up to 40 % on your Bike Insurance % increase Already expired car policy ? - Your car will need to be inspected by the insurance company . So you need to Rush Now ! 0 % 16.32 % 40 % 39.97 % 40 % 39.94 % - They feel that consumers are in general filing a lot of third - party motor claims , which forces insurance companies to run losses Insurance rates also increase when service tax rates change . For example , right now we pay a total of 15 % tax on anything we buy ( 14.5 % Service Tax and 0.5 % Krishi Kalyan Cess ) . 0 % Insurance Regulatory and Development Authority of India ( IRDAI ) is the government body for insurance industry . They increase prices when :