The Government has approved the new base premium rates for third party motor vehicle insurance. Last time these rates were revised for financial year 2019-20 and were kept unchanged during the COVID-19 pandemic. These revised rates will be applicable from 1st June, 2022.As per a gazette notification from the Ministry of Road, Transport, and Highways, the annual rate of third-party insurance for private cars having engine capacity upto 1000 cc has been fixed at Rs 2,094, for cars between 1000 cc to 1500 cc has been fixed at Rs 3,416, and for Larger private vehicles above 1500 cc has been fixed at Rs 7,897.
For two wheelers over 150 cc but not exceeding 350 cc, the insurance premium will be Rs 1,366 while two-wheelers over 350 cc will command a premium of Rs 2,804.
However, in case of new vehicle, the three-year single premium for a new car upto 1000 cc has been fixed at Rs 6,521, for a car between 1000 cc to 1500 cc it has been fixed at Rs 10,640. While, for vehicle exceeding 1500 cc will be insured at Rs 24,596 for three years under the newly notified rates.
For new two wheelers, the five year single premium for two wheelers upto 75 cc is Rs 2,901, between 75 cc to 150 cc is Rs 3,851, between 150 cc to 350 cc is Rs 7,365. While, a two wheeler above 350 cc can be insured for five years at Rs 15,117 under the new rates.
A new private electric vehicle (EV) upto 30KW can be insured at Rs 5,543 for three years. Between 30 KW to 65 KW, the three year premium will be Rs 9,044. Larger EVs exceeding 65 KW will be insured at Rs 20,907 for three years.
New two wheelers EVs upto 3 KW can be insured under five year single premiums for Rs 2,466. EV two wheelers between 3 KW to 7 KW will be insured for Rs 3,273, and between 7 KW to 16 KW for Rs 6,260. While, higher powered EV two wheelers with a capacity above16 KW will be insured at Rs 12,849 for five years.