Motor Vehicles (Third Party Insurance Base Premium and Liability) Rules-2022

Third-party motor insurance premium to go up from June 1

The Ministry of Road Transport and Highways (MoRTH) on May 25 increased the third-party (TP) motor insurance premium for various categories of vehicles with effect from June 1, a decision which is likely to jack up the insurance cost of cars and two-wheelers.

According to the revised rates notified by the MoRTH, private cars with an engine capacity of 1,000 cc will attract rates of ₹2,094 compared to ₹2,072 in 2019-20.

Similarly, private cars with an engine capacity between 1,000 cc and 1,500 cc will attract rates of ₹3,416 compared to ₹3,221, while owners of cars above 1,500 cc will see a drop in premium from ₹7,897 to ₹7,890.

Two-wheelers over 150 cc but not exceeding 350 cc will attract a premium of ₹1,366 and for two-wheelers over 350 cc the revised premium will be ₹2,804.

According to the Ministry’s notification, a discount of 7.5% on the premium shall be allowed for hybrid electric vehicles.

While electric private cars not exceeding 30KW will attract a premium of ₹1,780, those exceeding 30 KW but not 65 KW will attract a premium of ₹2,904.

The premium for goods carrying commercial vehicles exceeding 12,000 kg but not 20,000 kg will increase to ₹35,313 from ₹33,414 in 2019-20.

In the case of goods carrying commercial vehicles exceeding 40,000 kg, the premium will increase to ₹44,242 as against ₹41,561 in 2019-20.

The third-party insurance cover is for other than own damage and is mandatory along with the own damage cover that a vehicle owner has to purchase.

This insurance cover is for any collateral damage to a third party, generally a human being, caused due to a road accident.

Disclaimer: Its Ready Reckoner for Ref. Purpose Only

#Rules2022 #Indian_Motor_Tariff #IRDAI #

New Motor Third Party Premium Effective From June 1, 2022

This Revision Done In Motor TP Premium Proposed For The First Time In Nearly 3 Years

Insurance #MotorInsurance #Auto #MotorThirdParty #IRDAI #Insurance #MotorTP #InsurancePremium

Author: Shashi Kumar Aansoo

An General Insurance Professional, Tech Enthusiast, Poetic Soul, Beloved Hubby, Trustworthy Friend & Growing Dad. Keep Inspiring... #Insurance #Inspiration #Information # GeneralInsurance #IRDA #MotorInsurance #Car Insurance #Motor insurance #HealthInsurance #TravelInsurance #PropertyInsurance #Disclaimer - Opinions expressed are solely my own or drawn from innumerable centers of culture & lore. It do not express the views or opinions of my employer.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: