Third Party Insurance: Draft of new base premium rates for two wheelers, passenger cars and commercial vehicles released
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Motor Insurance New Premium Rates : Government of India 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 by the Ministry of Road Transport and Highways, the base premium rate of third party motor insurance covering damages caused to third parties 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 covering 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. It has been proposed Rs. At the same time, for cars with more than 1500 cc capacity, it has been kept at Rs 7,897.
The ministry said that this draft of 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 (other than three-wheelers) weighing less than 7,500 kg is Rs 16,049, while for vehicles weighing 40,000 kg and above the rate will be between Rs 27,186 and Rs 44,242. The proposed rate is Rs 4,492 for motor-driven three-wheeler and pedal cycle transport vehicles other than e-carts.
A rate of Rs 1,780 is proposed for private e-cars up to 30 kW, while the proposed rate is Rs 2,904 for 30 to 65 kW and Rs 6,712 for cars above 65 kW. This rate will be 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 and 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 12,000-20,000 kg, Rs 37,357 for 20,000-40,000 kg and from 40,000 kg 37,606 for the higher Rs. In this, it is proposed to give a discount of 15 percent for buses of educational institutions, 50 percent for private cars registered as vintage cars and 15 percent and 7.5 percent for electric vehicles and hybrid vehicles respectively.(with language input) )
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