The Insurance and Regulatory and Development Authority of India, in agreement with the Ministry of Road Transport and Highways, has issued a draft notice revising third party premium rates for motor vehicles. For the 2022-23 fiscal year, comes after the decision was stalled for two years due to the pandemic.
Four wheels
Under the new tariffs, passenger cars of 1,000 cc will attract a premium of Rs 2,094. Up to 1,500 cc will cost Rs 3,416 while those above 1,500 cc will attract a premium of Rs 7,897 .
Two wheels
Two-wheelers between 150 cc and 350 cc will attract a premium of Rs 1,366 and for two-wheelers over 350 cc will cost Rs 2,804.
Commercial vehicles
For public utility vehicles carrying goods, the premium will vary between Rs 16,049 and Rs 44,242 depending on the gross weight of the vehicle. For private individuals, the premium will be between Rs 8,510 and Rs 25,038.
Long term insurance
The three-year one-time premium for new cars has been revised and will attract a premium in the range of Rs 6,521 to Rs 24,596. Similarly, the five-year one-time premium for new two-wheelers will come with a premium of Rs 2,901 to Rs 15,117, depending on their engine capacity.
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