The centre has approved new base rates for third-party vehicle insurance, effective June 1, 2022. The new rates for motor vehicle insurance were last revised in FY 2019-20.
Private four-wheelers new insurance rates
According to the new insurance base rates released by the Ministry of Roa, Transport, and Highways, vehicles up to 1000 cc will have a fixed base price of Rs 2,094, compared to Rs 2,072 in 2019-20.
Vehicles up to 1500 cc will see a revised base third-party insurance price of Rs Rs 3,416 as compared to Rs 3,221 in 2019-20. Private vehicles that have an engine capacity over 1500 cc have seen a marginal drop in thrid-party insurance rates to Rs 7,897, compared to Rs 7,890.
The three-year premium for cars up to 1000 cc now stands at Rs 6,521, while vehicles up to 1500 cc and above 1500 cc stand at Rs 10,640, and Ra 24,596 for three years, under the new revised rates for third-party car insurance.
Two-wheelers – new thrid-party insurance rates
Insurance for two-wheelers between 100 and 350 cc will cost Rs 1,366, while motorcycles and scooters above 350 cc will cost Rs 2,804. For a five year premium, for two-wheelers not exceeding 75 cc Rs 2,901, vehicles between 75 cc and 150 cc will cost Rs 3,851.
Insurance for new vehicles between 150 cc and 350 cc will be priced at Rs 7,365 and for vehicles above 350 cc, the insurance premium stands at Rs 15,117 under the new revised pricing.
Insurance for Electric Vehicles (EVs)
Under the new pricing scheme, a new private electric vehicle not exceeding 30 KW can be insured for Rs 5,543 for three years, Rs 9,044 for vehicles between 30 KW and 65 KW, while vehicles above 65 KW can have three-year insurance for Rs 20,907.
Two-wheelers under 3 KW can be insured for Rs 2,466, electric vehicles between 3 and 7 KW can be insured for Rs 3,273, while vehicles between 7 KW and 16 KW will see a price of Rs 6,260, and EVs higher than 16 KW will demand a premium of Rs 12,849. All the prices for electric two-wheelers are for five-year insurance terms.