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Third-Party Insurance premium for Vehicles to increase from June 1

The Ministry of Road Transport and Highways (MoRTH) has declared that beginning June 1, 2022, the third-party vehicle insurance premium in India will be hiked. For different types of cars, the hike will vary. As a result, car prices in India are expected to rise once more.

New passenger cars with engines smaller than 1,000cc will have a 23 percent higher insurance price, according to MoRTH's amended tariffs. The third- party insurance rate for cars with engines between 1,000 and 1,500cc has climbed by 12%, while insurance expenses for cars with engines greater than 1,500cc have increased by 1%.

The third-party insurance cost for electric cars with a peak power of up to 30 kW has been raised by 27%. Insurance premiums have increased by 11% for cars with a power rating between 30 and 65 kW. Electric four-wheelers with a power output of 65 kW or more now have to pay a 1% greater third-party insurance premium than before.

Private Cars – Single year premium
Not exceeding 1000cc   Rs. 2,094
Exceeding 1000 cc but not exceeding 1500cc   Rs. 3,416
Exceeding 1500cc   Rs. 7,897
Private Cars – Three year single premium
Not exceeding 1000cc   Rs. 6,521
Exceeding 1000 cc but not exceeding 1500cc   Rs. 10,640
Exceeding 1500cc   Rs. 24,596
Two Wheelers – Single year premium
Not exceeding 75cc   Rs. 538
Exceeding 75cc but not exceeding 150cc   Rs. 714
Exceeding 150cc but not exceeding 350cc   Rs. 1,366
Exceeding 350cc   Rs. 2,804
Two Wheelers – Five year single premium
Not exceeding 75cc   Rs. 2,901
Exceeding 75cc but not exceeding 150cc   Rs. 3,851
Exceeding 150cc but not exceeding 350cc   Rs. 7,365
Exceeding 350cc   Rs. 15,117

The increase is far more for two-wheelers than for passenger cars. Two-wheelers with engines under 75cc now face a 177 percent increase in Third-party insurance premiums. The insurance rate has been hiked by 17% for models with engines ranging from 75cc to 150cc.

 

Private Electric Cars – Single year premium
Not exceeding 30 KW   Rs. 1,780
Exceeding 30 KW but not exceeding 65 KW   Rs. 2,904
Exceeding 65 KW   Rs. 6,712
Private Electric Cars – Three year single premium
Not exceeding 30 KW   Rs. 5,543
Exceeding 30 KW but not exceeding 65 KW   Rs. 9,044
Exceeding 65 KW   Rs. 20,907
Electric Two Wheelers – Single year premium
Not exceeding 3 KW   Rs. 457
Exceeding 3 KW but not exceeding 7 KW   Rs. 607
Exceeding 7 KW but not exceeding 16 KW   Rs. 1,161
Exceeding 16 KW   Rs. 2,383
Electric Two Wheelers – Five year single premium
Not exceeding 3 KW   Rs. 2,466
Exceeding 3 KW but not exceeding 7 KW   Rs. 3,273
Exceeding 7 KW but not exceeding 16 KW   Rs. 6,260
Exceeding 16 KW   Rs. 12,849

The third-party insurance cost for motorbikes and scooters with engines ranging from 150cc to 350cc has been increased by 35%. Two-wheelers with engines larger than 350cc now have a 16% higher insurance rate than they had previously.

Third-party insurance prices for electric two-wheelers have also risen. The premium is now 177 percent greater for machines rated 3 kW or below. Insurance rates for models rated between 3 kW and 7 kW have increased by 17%, while insurance costs for models rated between 7 kW and 16 kW have increased by 35%.

Buyers of electric two-wheelers with a power output of 16 kW or more would have to pay a 16 percent greater premium than before. 

Also Read: Kia EV6 Electric Scores 5 Star Safety Rating – ANCAP Crash Test

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