The Insurance and Regulatory and Development Authority of India in accordance with the Ministry of Road Transport and Highways, has released a draft notification revising the premium rates for third-party premium rates of motor vehicles. For the financial year 2022-2023, comes after the decision was stalled for two years due to the pandemic.
According to the new rates, private cars of 1,000-cc will come with a premium of Rs 2,094. Upwards till 1,500-cc will cost one Rs 3,416 while those above 1,500 cc will attract a premium of Rs 7,897.
Two-wheelers between 150 cc-350 cc will attract a premium of Rs 1,366 and for two-wheelers over 350 cc will cost Rs 2,804.
For public commercial vehicles carrying goods, the premium will range between Rs 16,049 and Rs 44,242 depending on the gross vehicle weight. For the private ones, the premium will fall in between Rs 8,510 and Rs 25,038.
The three-year single premium for new cars has been revised and will attract premium in the range of Rs 6,521 to Rs 24,596. Similarly, the five-year single premium for new two-wheelers will come with a premium of Rs 2,901 to Rs 15,117, depending on their displacement.