Car Insurance New Rates: From this June 2022, the premium rates of third party motor insurance are going to increase.
Bike, Car Insurance To Get Costly From 1st June 2022: Insuring your bike or car is going to be more expensive now. This is because the rates of premium for third party motor insurance are going to increase from June 1, 2022. Getting third party insurance for any motor vehicle is mandatory under the law. Even if you buy a composite insurance policy, third party insurance is included in it.
The premium for third party motor insurance was earlier increased during the financial year 2019-20. But due to the Kovid-19 epidemic, there was no change in the rates of premium in the financial year 2020-21.
What will be the premium for which car?
According to a gazette notification issued by the Ministry of Road Transport and Highways, the new rates applicable from June 1 are as follows –
1.For third party motor insurance of a private car with engine capacity of 1000 cc or less, now a premium of Rs 2094 will have to be paid in a year. Till now, 2072 rupees had to be paid for this.
2.The premium for third party insurance for private cars with engine capacity from 1000 cc to 1500 cc has been increased from Rs 3221 to Rs 3416.
3.The premium for third party insurance for private vehicles with engine capacity above 1500 cc has been increased from Rs 7890 to Rs 7897.
Single premium rates for 3 years for cars
1.For a private car with a capacity of up to 1000 cc, the three-year single premium has been kept at Rs 6521.
2.The single premium for three years for a car from 1000 cc to 1500 cc will be Rs 10,640.
3.For private vehicles with a capacity of more than 1500 cc, the single
premium for three years will be Rs 24,596.
Premium rates for two wheelers
1.For two wheelers from 150 cc to 350 cc, the premium for third party insurance will be Rs 1366.
2.For two wheelers with a capacity of more than 350 cc, this rate has been kept at Rs 2,804.
5 year single premium rates for two wheeler
1.Rs 2,901 for a two-wheeler with a capacity of up to 75 cc
2.Rs 3,851 for a two-wheeler between 75 and 150 cc
3.Rs 7,365 for two wheelers between 150 to 350 cc
4.The five-year single premium has been kept at Rs 15,117 for a two-wheeler with a capacity of more than 350 cc.
New rates of premium for EV
1. A new private electric vehicle (EV) with a capacity of up to 30 KW can be insured for 3 years by paying Rs 5,543.
2. For EVs ranging from 30 KW to 65 KW, the premium for 3 years will be Rs 9,044.
3. The three-year single premium will be Rs 20,907 for EVs with a capacity of more than 65 kW.
