Insurance News | News & Media | Essel Finance

News & Media

IRDAI introduces TP motor insurance premium for electric vehicles at 15% discount
(10:18, 08 Jun 2019)

In a first, insurance premium rates for private electric vehicles (EVs) have been notified. The Insurance Regulatory and Development Authority of India (IRDAI) has notified the premium rates for private EV third-party liability insurance cover for the financial year 2019-20. The premium rates are a 15 percent discount compared to rates for general private cars of similar categories.

At present, you have to pay the third-party premium for EVs according to the premium rates notified for a private car every year.

Sajja Praveen Chowdary, Head- Motor Insurance, Policybazaar, said that, "earlier there was no separate category for electric vehicles. Third-party premium rates for EV owners were the same as those payable for general private cars. The move to have a separate category of electric vehicles in private cars and two-wheelers is a good move towards a sustainable environment," said Chowdary.

The IRDAI notification issued on June 4 mentions the new third-party cover premium rates for a one-year policy and long-term policy for private EV vehicles. These new rates will be effective from June 16, 2019.

Third-party insurance premium rates for private EV cars

For EVs lesser than 30 KW, the cost of a third-party cover for a one-year policy is Rs 1,761 and for a long-term policy it is Rs 4,493.

For an electric vehicle between 30 KW and 65 KW, the rate for a one-year policy is Rs 2,738 and the premium rate for a long-term policy is Rs 8,104.

For a vehicle above 65 KW, the premium rate for a one-year policy is Rs 6,707 and for a long-term policy it is Rs 20,659.

Third-party insurance premium rates for two-wheeler EVs

For an electric vehicle not exceeding 3 KW, the rate for a one-year policy is Rs 410 and the premium rate for a long term policy is Rs 888.

For a two-wheeler with kilowatts more than 3 KW but below 7 KW, the rate for a one-year policy is Rs 639 and the premium rate for a long-term policy is Rs 2,792.

For a vehicle between 7 KW and 16 KW, the rate for the one-year policy is Rs 1,014 and the premium rate for a long-term policy is Rs 4,635.

For an electric vehicle with kilowatt exceeding 16 KW, the rates for the one-year policy is Rs 1,975 and the premium rate for a long-term policy is Rs 11,079.

New EV rates are notified at a discount of 15 percent

As mentioned above, the premium rates are slightly lower than those for the corresponding fuel-powered private cars and two-wheelers. This gives benefit to the electric vehicle users. Also, it provides clarity to the insurer on what premium should be charged from the electric vehicles users as this category was not existing before.
As on  23-Aug-2019
    Essel 3 In 1 Fund (D)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :17.57] ,    Essel 3 In 1 Fund (Div-M)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :16.57] ,    Essel 3 In 1 Fund (Div-Q)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :15.58] ,    Essel 3 In 1 Fund (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :17.46] ,    Essel 3 In 1 Fund - Direct (Div-M)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :16.83] ,    Essel 3 In 1 Fund - Direct (Div-Q)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :16.48] ,    Essel 3 In 1 Fund - Direct (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :18.89] ,    Essel Arbitrage Fund - Direct (D)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.61] ,    Essel Arbitrage Fund - Direct (Div-M)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.63] ,    Essel Arbitrage Fund - Direct (Div-Q)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.62] ,    Essel Arbitrage Fund - Direct (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.61] ,    Essel Arbitrage Fund - Regular (D)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.57] ,    Essel Arbitrage Fund - Regular (Div-M)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :12.03] ,    Essel Arbitrage Fund - Regular (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.55] ,    Essel Equity Hybrid Fund - Direct (D)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.24] ,    Essel Equity Hybrid Fund - Direct (Div-A)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.24] ,    Essel Equity Hybrid Fund - Direct (Div-H)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.24] ,    Essel Equity Hybrid Fund - Direct (Div-M)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.24] ,    Essel Equity Hybrid Fund - Direct (Div-Q)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.24] ,    Essel Equity Hybrid Fund - Direct (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.25] ,    Essel Equity Hybrid Fund - Regular (D)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.03] ,    Essel Equity Hybrid Fund - Regular (Div-A)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.03] ,    Essel Equity Hybrid Fund - Regular (Div-H)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.03] ,    Essel Equity Hybrid Fund - Regular (Div-M)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.03] ,    Essel Equity Hybrid Fund - Regular (Div-Q)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.03] ,    Essel Equity Hybrid Fund - Regular (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.03] ,    Essel Large & Midcap Fund (D)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :14.23] ,    Essel Large & Midcap Fund (Div-A)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :14.64] ,    Essel Large & Midcap Fund (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :14.23] ,    Essel Large & Midcap Fund - Direct (D)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :15.03] ,    Essel Large & Midcap Fund - Direct (Div-A)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :14.98] ,    Essel Large & Midcap Fund - Direct (Div-H)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :14.90] ,    Essel Large & Midcap Fund - Direct (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :15.19] ,    Essel Large Cap Equity Fund (D)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :13.60] ,    Essel Large Cap Equity Fund (Div-H)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :13.89] ,    Essel Large Cap Equity Fund (Div-Q)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :15.08] ,    Essel Large Cap Equity Fund (Div-Y)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :14.87] ,    Essel Large Cap Equity Fund (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :21.59] ,    Essel Large Cap Equity Fund - Direct (D)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :14.52] ,    Essel Large Cap Equity Fund - Direct (Div-H)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :16.04] ,    Essel Large Cap Equity Fund - Direct (Div-Q)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :15.17] ,    Essel Large Cap Equity Fund - Direct (Div-Y)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :16.49] ,    Essel Large Cap Equity Fund - Direct (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :23.56] ,    Essel Liquid Fund - Direct (Div-D)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :1,001.29] ,    Essel Liquid Fund - Direct (Div-M)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :1,005.63] ,    Essel Liquid Fund - Direct (Div-W)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :1,001.02] ,    Essel Liquid Fund - Direct (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :2,114.31] ,    Essel Liquid Fund - Regular (Div-D)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :1,001.29] ,    Essel Liquid Fund - Regular (Div-M)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :1,005.54] ,    Essel Liquid Fund - Regular (Div-W)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :1,001.04] ,    Essel Liquid Fund - Regular (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :2,101.64] ,    Essel Liquid Fund - UR & Dividend Plan - (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :2,105.69] ,    Essel Liquid Fund - UR & Dividend Plan GT 3Yrs  [ NAV DATE :23 - August - 2019]    [NAV PRICE :1,000.00] ,    Essel Long Term Advantage Fund (D)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :13.16] ,    Essel Long Term Advantage Fund (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :13.16] ,    Essel Long Term Advantage Fund - Direct (D)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :13.84] ,    Essel Long Term Advantage Fund - Direct (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :13.97] ,    Essel Multi Cap Fund - Direct (D)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.12] ,    Essel Multi Cap Fund - Direct (Div-A)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.12] ,    Essel Multi Cap Fund - Direct (Div-H)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.12] ,    Essel Multi Cap Fund - Direct (Div-M)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.12] ,    Essel Multi Cap Fund - Direct (Div-Q)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.12] ,    Essel Multi Cap Fund - Direct (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.17] ,    Essel Multi Cap Fund - Regular (D)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :9.91] ,    Essel Multi Cap Fund - Regular (Div-A)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :9.91] ,    Essel Multi Cap Fund - Regular (Div-H)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :9.91] ,    Essel Multi Cap Fund - Regular (Div-M)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :9.91] ,    Essel Multi Cap Fund - Regular (Div-Q)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :9.91] ,    Essel Multi Cap Fund - Regular (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :9.91] ,    Essel Regular Savings Fund (Div-M)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.10] ,    Essel Regular Savings Fund (Div-Q)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :11.72] ,    Essel Regular Savings Fund (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :19.06] ,    Essel Regular Savings Fund - Direct (Div-M)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :10.89] ,    Essel Regular Savings Fund - Direct (Div-Q)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :12.91] ,    Essel Regular Savings Fund - Direct (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :21.04] ,    Essel Ultra Short Term Fund - Direct (Div-D)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :1,006.65] ,    Essel Ultra Short Term Fund - Direct (Div-M)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :1,046.30] ,    Essel Ultra Short Term Fund - Direct (Div-W)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :1,005.06] ,    Essel Ultra Short Term Fund - Direct (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :2,153.89] ,    Essel Ultra Short Term Fund - Regular (Div-D)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :1,012.45] ,    Essel Ultra Short Term Fund - Regular (Div-M)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :1,024.24] ,    Essel Ultra Short Term Fund - Regular (Div-W)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :1,004.45] ,    Essel Ultra Short Term Fund - Regular (G)  [ NAV DATE :23 - August - 2019]    [NAV PRICE :2,069.65] ,
2017 Essel Finance. All rights reserved.
Designed and Developed by C-MOTS Infotech (ISO 9001:2015 Certified)