Nagpur: The Centre on Wednesday approved new base premium rates for third-party motor vehicle insurance. The new rates will go into effect on June 1, 2022. These rates were last revised for fiscal year 2019-20 and remained constant throughout the Covid-19 pandemic.
According to the Ministry of Roads, Transport, and Highways’ gazette notification, annual third-party insurance rates for private cars under 1000cc have been set at Rs 2,094, up from Rs 2,072 in 2019-20. Third-party insurance for private cars with engine capacities ranging from 1000cc to 1500cc has been increased to Rs 3,416 from Rs 3,221 in 2019-20. Larger private vehicles with engine capacities greater than 1500 cc will see premiums drop to Rs 7,897 from Rs 7,890.
The insurance premium for two-wheelers over 150cc but not exceeding 350cc will be Rs 1,366 while two-wheelers over 350cc will command a premium of Rs 2,804.
Speaking of new private electric vehicles (EV), they can be insured for Rs 5,543 for three years if the range exceeds 30KW. The three-year premium will be Rs 9,044, if the EV exceeds 30 KW but is less than 65 KW.