Govt. to Increase Third-Party Car Insurance Premium Rates

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The Union Government along with IRDAI has proposed a notification to revise the rates of Third Party motor insurance premium for the financial year 2022-23. Electric vehicles, which were introduced to the market in the last few years, will also witness a revision in their base premium rates.

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Increase in Prescribed Base Premium of Third Party Motor Insurance

In consultation with the Insurance Regulatory and Development Authority of India, the Government has released a draft notification to revise the rates of third party premiums for car insurance for the FY 2022-23.

Third-party premium on private cars not exceeding 1000cc has been revised to Rs. 2,094. For cars ranging between 1000cc to 1500cc, the car insurance premium will increase from Rs. 3,221 to Rs. 3,416. Similarly, the premium for cars above 1500cc will be revised to Rs. 7,897 in FY 2022-23.

The government has also proposed a discount on the premium of electric and hybrid vehicles to encourage the usage of environment-friendly vehicles. A discount of 15% on the base third party premium rates has been proposed for electric vehicles. For hybrid e-vehicles, a discount of 7.5% has also been proposed.

Besides, a discounted price of 50% of the rates based on the former Indian Motor Tariff has also been proposed for private cars identified as vintage cars.

In the last two years, the rates of third-party motor insurance were not revised until now. However, the government has invited objections or suggestions on the proposed rates by all stakeholders by 14th March 2022.