car insurance rates: the Center notifies the new car insurance rates

The center on Wednesday approved new base premium rates for third-party auto insurance. These revised rates will be applicable from June 1, 2022. These rates were last revised for fiscal year 2019-20 and have remained unchanged during the COVID-19 pandemic.

According to a notification in the official gazette of the Ministry of Roads, Transport and Highways, the annual rate of third party liability insurance for passenger cars not exceeding 1000 cc has been set at Rs 2094, down from Rs 2072 in 2019-20. Under the new tariffs, liability insurance for private cars with engine capacity between 1000 cc and 1500 cc has been increased to Rs 3,416 from Rs 3,221 in 2019-20. Larger private vehicles that have an engine capacity above 1500cc will see premiums fall to Rs 7,897 from Rs 7,890.

For two-wheelers over 150 cc but not exceeding 350 cc, the insurance premium will be Rs 1,366 while two-wheelers over 350 cc will command a premium of Rs 2,804.

The single three-year premium for a new car not exceeding 1,000 cc has been set at Rs 6,521, while for a car between 1,000 cc and 1,500 cc it has been set at Rs 10,640. private of more than 1500 cc will be insured at Rs 24,596 for three years according to the newly notified tariffs.

The one-time five-year premium for two-wheelers not exceeding 75 cc is Rs 2,901, exceeding 75 cc but not 150 cc is Rs 3,851 and exceeding 150 cc but not 350 cc is Rs 7,365. exceeding 350 cc can be insured for five years at Rs 15,117 according to the new tariffs.

A new private electric vehicle (EV) can be insured at Rs 5,543 for three years if it does not exceed 30 KW. If the EV exceeds 30 KW but is less than 65 KW, the three-year premium will be Rs 9,044. Larger EVs exceeding 65 KW will be insured at Rs 20,907 for three years.

New two-wheeled electric vehicles can be insured under single five-year premiums for Rs 2,466 if they do not exceed 3 KW. EV two-wheelers exceeding 3 KW but not 7 KW will be insured for Rs 3,273, and exceeding 7 KW but not 16 KW for Rs 6,260. Rs 12,849 for five years.

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