Insurance Price in Sri Lanka - What You Need to Know

What is 3rd-Party Insurance?

Third-party insurance is a type of insurance policy that provides coverage for losses related to a third-party, such as a car accident or a personal injury. Third-party insurance covers the cost of damages caused to another party in the event of an accident or injury. It is important to note that third-party insurance does not cover any personal losses suffered by the policyholder. This type of policy is generally required by law in many countries and is a mandatory requirement in Sri Lanka.

What is the Price of 3rd-Party Insurance in Sri Lanka?

When it comes to insurance, the price of a policy depends on several factors, such as the type of vehicle and the age of the driver. Generally speaking, third-party insurance in Sri Lanka is relatively inexpensive compared to other countries. It is important to note that the price of third-party insurance is regulated by the Insurance Regulatory Commission (IRC) and is subject to change from time to time.

Third-Party Insurance for Motorcycles

The price of third-party insurance for motorcycles in Sri Lanka is relatively inexpensive and is typically around Rs.500 per year. The amount of coverage varies depending on the type of motorbike and the age of the rider. Drivers who are over 25 years old typically pay less as they are seen as being more experienced on the road.

Third-Party Insurance for Cars

The price of third-party insurance for cars in Sri Lanka is typically around Rs.1,500 per year. The amount of coverage depends on the type of car and the age of the driver. Drivers who are over 25 years old typically pay less as they are seen as being more experienced on the road.

Third-Party Insurance for Trucks

The price of third-party insurance for trucks in Sri Lanka is typically around Rs.3,000 per year. The amount of coverage depends on the type of truck and the age of the driver. Drivers who are over 25 years old typically pay less as they are seen as being more experienced on the road.

Conclusion

In conclusion, the price of third-party insurance in Sri Lanka is relatively inexpensive compared to other countries. The amount of coverage and the price of the policy depend on the type of vehicle and the age of the driver. It is important to note that the price of third-party insurance is regulated by the Insurance Regulatory Commission and is subject to change from time to time.