Third Party Premium Calculator

Work out third party premium instantly with clear inputs, formula shown and shareable results.

About Third Party Premium Calculator

Third-party motor premium is set by the regulator, not the insurer, and is banded by vehicle class and engine capacity. It is compulsory, cannot be discounted, and is separate from the own-damage premium which insurers do price competitively.

Formulas

Third-party premium

TP premium = Regulated rate for the vehicle class and engine capacity band x Policy term

Total statutory

Total = TP premium + Owner-driver personal accident premium

Worked example

With the default values below, Third Party Premium Calculator returns Total statutory premium payable of $3,746.00. Change any input above and every figure here is recalculated in your browser.

Inputs used

Vehicle classone of Two-wheeler, Private car, Goods carrying vehicle: Private car
Engine capacity: 1,400 cc
Policy term: 1 years
Owner-driver personal accident cover premium: 330

Results

Total statutory premium payable: $3,746.00
Third-party liability premium: $3,416.00
Base premium per year: $3,416.00
Owner-driver personal accident premium: $330.00

Step by step

1Values used
2Third-party premium
3Total statutory
4Total statutory premium payable= 3,746.00
5Third-party liability premium= 3,416.00
6Base premium per year= 3,416.00
7Owner-driver personal accident premium= 330.00

Assumptions and limits

The result is derived only from the 4 inputs listed above. Anything not among them is not part of the calculation.
In particular, this calculator does not take inflation, tax, fees or charges or compounding frequency into account.
Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
Indicative estimate only. Fees, entitlements, limits and formulas vary by jurisdiction, statute, policy wording and the facts of the case. This is not legal, tax, insurance or financial advice — confirm with a qualified professional or the relevant authority.

How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.

Indicative estimate only. Fees, entitlements, limits and formulas vary by jurisdiction, statute, policy wording and the facts of the case. This is not legal, tax, insurance or financial advice — confirm with a qualified professional or the relevant authority.

Frequently Asked Questions

Why can't I get a discount on third-party premium?

Because the rate is fixed by the insurance regulator for all insurers. Only the own-damage element is open to competition and no-claim discounts.

Are the rates in this calculator current?

They are illustrative bands. Regulated rates are revised periodically, so confirm the current tariff before relying on the figure.