New Delhi: The Ministry of Road Transport and Highways (MoRTH) on Wednesday announced to increase in the premium for third-party motor vehicle insurance of all vehicles from 1st June 2022.
In this regard, the ministry issued a revised notification on Tuesday, wherein, it stated the same.
As per the revised notification, the third-party insurance premium for private cars with 1000 cc engine capacity will now be Rs 2094 compared to Rs 2,072 in 2019-20.
At the same time, the premium for private cars of 1000 to 1500 cc engine has now been increased from Rs 3221 to Rs 3416.
However, the government has given relief in the premium of Third Party Vehicle Insurance to private car owners of more than 1500 cc. The government has reduced the premium for cars of this capacity as compared to earlier.
Now, this premium has been reduced from Rs 7,897 to Rs 7890.
Two-wheelers over 150 cc but not exceeding 350 cc will attract a premium of Rs 1,366 and for two-wheelers over 350 cc the revised premium will be Rs 2,804.
Interestingly, this is the first time that the MoRTH has notified the TP rates because earlier, the rates were notified by the Insurance Regulatory and Development Authority of India (IRDAI).
The notification further said that a discount of about 15 % and 7.5% on the premium has been allowed for Electric and Hybrid Electric Vehicles, respectively.
''The electric private cars not exceeding 30KW will attract a premium of Rs 1,780, those exceeding 30 KW but not 65 KW will attract a premium of Rs 2,904,'' it added.
The premium for goods carrying commercial vehicles exceeding 12,000 kg but not 20,000 kg will increase to Rs 35,313 from Rs 33,414 in 2019-20.
''Goods carrying commercial vehicles exceeding 40,000 kg, the premium will increase to Rs 44,242 as against Rs 41,561 in 2019-20,'' the notification read.
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