The Central Government approved new base premium rates for third party motor vehicle insurance, which will be applicable from June 1, 2022. These will in turn also hike the prices of all new cars and bikes.
View PhotosThe Govt. approved new base premium rates for third party motor vehicle insurance
The Centre approved new base premium rates for third party motor vehicle insurance, which will be applicable from June 1, 2022. These insurance rates remained unchanged during the COVID-19 pandemic, and were last revised in FY2019-20. According to the new updates in the premium rates, the annual rate of third party insurance for private cars with engine displacement below 1000 cc is now ₹ 2,094, up from ₹ 2,072 in FY2019-20 and that for cars between 1000 cc and 1500 cc is revised to ₹ 3,416 from ₹ 3,221. Annual premium for cars above 1500 cc is now set at ₹ 7,897.
Annual premium for cars above 1500 cc is now set at ₹ 7,897.
The three-year single premium for new cars below 1000 cc engine capacity has been fixed at ₹ 6,251, while the same for cars between 1000 cc and 1500 cc is set at ₹ 10,640. Insuring a new vehicle for three years that has an engine capacity of over 1500 cc will now cost ₹ 24,596.
Other vehicle types will also see a revision in premiums, with annual two-wheeler insurance premium for those below 75 cc now being ₹ 538, between 75 cc to 150 cc being ₹ 714, between 150 cc to 350 cc being ₹ 1,366, and that for two-wheelers above 350 cc being ₹ 2,804.
Annual insurance for motorcycles between 150 cc to 350 cc will be ₹ 1,366
The five-year single premium for two-wheelers below 75 cc is set at Rs 2,901, between 75 cc to 150 cc is Rs 3,851, between 150 cc and 350 cc is Rs 7,365 and exceeding 350 cc will be Rs 15,117 under the new rates.
A new private electric vehicle (EV) can be insured at Rs 5,543 for three years if its motor capacity below 30 kW. For EVs 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.
Electric cars with power output higher than 65 kW will command a three-year insurance premium of ₹ 20,907.
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New electric two-wheelers can be insured under five year single premiums for Rs 2,466 if they are not exceeding 3 kW. For those between 3 kW to 7 kW, the insurance premium will be ₹ 3,273, between 7 kW and 16 kW will be ₹ 6,260, and two-wheelers with motors that put out over 16 kW will be charged a premium of Rs 12,849.
| Annual Third Party Insurance for Private Cars | Premium |
|---|---|
| Below 1000 cc | ₹ 2,094/- |
| Between 1000 cc and 1500 cc | ₹ 3,416/- |
| Above 1500 cc | ₹ 7,897 |
| Three-Year Third Party Insurance for New Private Cars | Premium |
| Below 1000 cc | ₹ 6,251 |
| Between 1000 cc and 1500 cc | ₹ 10,640 |
| Above 1500 cc | ₹ 24,596 |
| Annual Third Party Insurance for Two-Wheelers | Premium |
| below 75 cc | ₹ 538 |
| Between 75 cc and 150 cc | ₹ 714 |
| Between 150 cc and 350 cc | ₹ 1,366 |
| Above 350 cc | ₹ 2,804 |
| Three-Year Third Party Insurance for Two-Wheelers | Premium |
| below 75 cc | ₹ 2,901 |
| Between 75 cc and 150 cc | ₹ 3,851 |
| Between 150 cc and 350 cc | ₹ 7,365 |
| Above 350 cc | ₹ 15,117 |
| Annual Third Party Insurance for Electric Cars | Premium |
| Below 30 kW | ₹ 1,780 |
| Between 30 kW and 65 kW | ₹ 2,904 |
| Above 65 kW | ₹ 6,712 |
| Three-Year Third Party Insurance for New Electric Cars | Premium |
| Below 30 kW | ₹ 5,543 |
| Between 30 kW and 65 kW | ₹ 9,044 |
| Above 65 kW | ₹ 20,907 |
| Annual Third Party Insurance for Electric Two-Wheelers | Premium |
| Below 3 kW | ₹ 457 |
| Between 3 kW and 7 kW | ₹ 607 |
| Between 7 kW and 16 kW | ₹ 1,161 |
| Above 16 kW | ₹ 2,383 |
| Five-Year Third Party Insurance for New Electric Two-Wheelers | Premium |
| Below 3 kW | ₹ 2,466 |
| Between 3 kW and 7 kW | ₹ 3,273 |
| Between 7 kW and 16 kW | ₹ 6,260 |
| Above 16 kW | ₹ 12,849 |
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