Third-party Insurance Premiums Hiked from June 1, 2022

On 31 May, the Union Ministry of Road Transport and Highways (MoRTH) announced the rise in third-party insurance premiums for all the two-wheelers. For the first time, the MoRTH has issued a notification for the third-party two-wheeler insurance rate hike. If you are planning to buy a two-wheeler, get ready to spend more to insure your vehicle from June 1, 2022.

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According to the updated third-party motor insurance rates, the two-wheelers with an engine capacity of more than 150CC will witness an increase of 15% in the premium rates. While two-wheelers with an engine capacity between 150-300 CC will have to pay Rs 1,366 which was earlier Rs 1,193. And those who want to buy two-wheelers with more than 350 CC will have to pay a third-party premium of Rs 2,804.

Furthermore, Electric two-wheelers with a battery capacity between 7-16 KW will now have to pay a premium of Rs 1,161 for third-party liability cover. While the e-bikes or e-scooter with a battery capacity between 3-7 KW is decreased to Rs 607 from Rs 639.

Written By: PolicyBazaar - Updated: 01 June 2022

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