Motor insurance new premium rates : Government of India has proposed new base premium rates of third party motor insurance for various categories of vehicles including two-wheelers, passenger cars and commercial vehicles for the financial year 2023-24. According to a draft notification of the Ministry of Road Transport and Highways, the base premium rate of third party motor insurance for third party damage has been proposed.
The government has proposed new base premium rates for third party motor insurance for various categories of vehicles including two-wheelers, passenger cars and commercial vehicles for the financial year 2023-24. According to a draft notification by the Ministry of Road Transport and Highways, the base premium rate of third party motor insurance to cover third party damage will be Rs 2,094 for private cars below 1,000 cc and Rs 3,416 for cars between 1000-1500 cc. At the same time, for cars above 1500 cc capacity, it has been kept at Rs 7,897.
The ministry said the draft Motor Third Party Premium and Liability Rules for the financial year 2023-24 has been prepared in consultation with the Insurance Regulatory and Development Authority of India (IRDA). As per the draft, a premium rate of Rs 538 has been proposed for two-wheelers up to 75 cc. And for two-wheelers of 350 cc and above, the proposed rate will be between Rs 714 and Rs 2,804.
The proposed rate for commercial goods vehicles below 7,500 kg (excluding three-wheelers) is Rs 16,049, while vehicles weighing 40,000 kg and above will be priced between Rs 27,186 and Rs 44,242. The proposed rate for transporting motorized three-wheelers and pedal cycles excluding e-carts is Rs 4,492.
A rate of Rs 1,780 is proposed for private e-cars up to 30 kW, while Rs 2,904 is proposed for 30 to 65 kW and Rs 6,712 for vehicles above 65 kW. The rates are Rs 457 for e-two-wheelers up to three kW, Rs 607 for three to seven kW, Rs 1,161 for seven to 16 kW and Rs 2,383 for 16 kW or more.
The proposed rate for battery-based commercial vehicles carrying goods up to 7,500 kg excluding three-wheelers is Rs 13,642, Rs 23,108 for 7,500-12,000 kg, Rs 30,016 for 12,000-20,30,300-40,300 kg. 00 kg and up to 40,000 kg and above Rs 37,606 It proposes 15 per cent discount on educational institution buses, 50 per cent on private cars registered as vintage cars and 15 per cent and 7.5 per cent on electric cars and hybrid vehicles respectively. (including language input)
