New Delhi, May 26 (UNI) Third-party (TP) motor insurance premium across various vehicle categories is set to go up beginning June 1, with the Ministry of Road Transport and Highways (MoRTH) notifying the revised rates. As per the Motor Vehicles (Third Party Insurance Base Premium and Liability) Rules, 2022 published by the Ministry, the premium for third party insurance for private cars with engine capacity upto 1,000 cc would now cost Rs 2,094 as compared to Rs 2,072 earlier. Insurance premium for private cars with engine capacity between 1,000 cc and 1,500 cc has now been set at Rs 3,416 as against Rs 3,221 previously. Third-party motor insurance for private cars with engine capacity higher than 1,500 cc has been fixed at Rs 7,897, a tad higher compared to Rs 7,890 in 2019-20.
The TP insurance premium for two-wheelers with engine capacity of less than 75 cc has been revised to Rs 538. It earlier cost Rs 482. Similarly, premiums for other two-wheelers have been revised upward. Private electric cars with upto 30 KW would cost a TP insurance of Rs 1,780. Those private cars exceeding 30 KW but not exceeding 65 KW would have TP premium tag of Rs 2,904. A discount of about 15 per cent and 7.5 per cent on the premium has been allowed for electric and hybrid electric vehicles, respectively. The notification issued on May 25 provides for a discounted price of 50 per cent of the premium for a private car registered as vintage car. “The Ministry of Road Transport and Highways, in consultation with the Insurance Regulatory and Development Authority of India, has published Motor Vehicles (Third Party Insurance Base Premium and Liability) Rules, 2022 vide notification dated 25.05.2022. The rules shall come into force on 1st June, 2022,” MoRTH said in a statement.