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Govt To Increase Third Party Motor Insurance Rates From June 1

For the very first time, the Ministry of Road Transport and Highways (MoRTH), in consultation with the Insurance Regulatory and Development Authority of India (IRDAI) has announced an increase in the third-party motor insurance premium, effective from 1st June 2022. Here’re the new base premiums for various categories: –

ICE-powered Private Cars

Engine CapacitySingle-year Premium RatesThree-year Premium Rates
Not exceeding 1000ccRs 2,094Rs 6,521
Between 1000cc – 1500ccRs 3,416Rs 10,640
Above 1500ccRs 7,897Rs 24,596

ICE-powered Private Two-Wheelers

Engine CapacitySingle-year Premium RatesFive-year Premium Rates
Not exceeding 75ccRs 538Rs 2,901
Between 75cc – 150ccRs 714Rs 3,851
Between 150cc – 350ccRs 1,366Rs 7,365
Above 350ccRs 2,804Rs 15,117

Also Read: MoRTH Proposes To Allow Retrofitting Of CNG/LPG Kits In BS6 Petrol and Diesel Vehicles 

Private Electric Cars

Battery CapacitySingle-year Premium RatesThree-year Premium Rates
Not exceeding 30kWhRs 1,780Rs 5,543
30-65kWhRs 2,904Rs 9,044
Above 65kWhRs 6,712Rs 20,907

Private Electric Two-wheelers

Battery CapacitySingle-year Premium RatesFive-year Premium Rates
Not exceeding 3kWRs 457Rs 2,466
Between 3kW -7kWRs 607Rs 3,273
Between 7kW – 16kWRs 1,161Rs 6,260
Above 16kWRs 2,383Rs 12,849

ICE-powered Commercial Four-Wheelers (carrying capacity of up to 6 passengers)

Engine CapacityBasic RatePer Licensed Passenger
Under 1,000ccRs 6,040Rs 1,162
1000cc – 1500ccRs 7,940Rs 978
Above 1500ccRs 10,523Rs 1,117

Also Read: MoRTH Launched Rewarding Scheme For Good Samaritan

ICE-powered Commercial Two-Wheelers

Engine CapacityBasic RatePer Licensed Passenger
Not exceeding 75ccRs 861Rs 580
Between 75cc – 150ccRs 861Rs 580
Between 150cc – 350ccRs 861Rs 580
Above 350ccRs 2,254Rs 580

Electric Passenger Carrying Vehicles

Vehicle TypeBasic RatesPer Licensed Passenger
4-wheeler (up to 6 passengers)Rs 5,134 – 8,945 (depending on battery capacity)Rs 831 – 988
Two WheelersRs 732 – 1916 (depending on battery capacity)Rs 493
e-rickshawRs 1,648Rs 789
Educational institution
bus
Rs 10,363Rs 633
Other than educational
institution bus
Rs 12,192Rs 745

Discounts for various vehicles

The following exemptions in third party insurance premium are also allowed in the said rules-

  • 15% discount has been provided for Educational institution buses.
  • A discounted price of 50% of the premium has been allowed to a private car registered as Vintage Car.
  • A discount of about 15 % and 7.5% on the premium has been allowed for Electric and Hybrid Electric Vehicles, respectively.