Third-party premium is determined by the IRDA and it depends on the cubic capacity of the bike. The rates are dynamic and can be changed upon review by the regulator. The proposed rates, for the financial year 2020-21 are as follows
Cubic capacity (cc) of the bikeThird party premium rate (Proposed)Up to 75 ccINR 50676 cc to 150 ccINR 769151 cc to 350 ccINR 1301351 cc and aboveINR 2571