Thursday, July 7, 2022

Third-party insurance premiums will increase from June 1

Following a two-year intermission, the Ministry of Road Transport and Highways (MoRTH) has issued a draft notification with an intention to increase the third-part insurance premium from June 1, 2022.

As per the notification, there will be an increase of 15 percent on two-wheelers above 150 cc. A premium of 6 percent will have to be paid on a private car from 1,000 cc to 1,5000 cc. Whereas, the owners of vehicles above 1500 cc will face a drop in a premium.

From June 1, the private cars up to 1000 cc will pay Rs 2,094; those who fall between 1,000 cc – 1,500 cc will pay Rs 3416, and those above 1,500 cc will end up paying Rs 7,897.

If you buy a new private car, the third-party insurance premium will be 11 percent more expensive. Similarly, if you are planning to buy a new two-wheeler, the premium will have to be paid 17 percent more.

Furthermore, a discount of 7.5 percent on the premium shall be allowed for a hybrid electric vehicle.

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