The centre on Wednesday accepted the brand new base premium charges for third occasion motorized vehicle insurance coverage. These revised charges will likely be relevant from June 1, 2022. These charges have been final revised for monetary 12 months 2019-20 and have been saved unchanged in the course of the COVID-19 pandemic.
In keeping with a gazette notification from the Ministry of Street, Transport, and Highways, the annual charge of third-party insurance coverage for personal automobiles not exceeding 1000 cc has been fastened at Rs 2,094, up from Rs 2,072 in 2019-20.
Beneath the brand new charges, third occasion insurance coverage for personal automobiles with an engine capability between 1000 cc and 1500 cc has been raised to Rs 3,416 from Rs 3,221 in 2019-20. Bigger personal autos which have an engine capability above 1500 cc will see the premiums fall to Rs 7,897 from Rs 7,890.
For 2 wheelers over 150 cc however not exceeding 350 cc, the insurance coverage premium will likely be Rs 1,366 whereas two-wheelers over 350 cc will command a premium of Rs 2,804.
The three-year single premium for a brand new automobile not exceeding 1000 cc has been fastened at Rs 6,521, whereas for a automobile between 1000 cc and 1500 cc it has been fastened at Rs 10,640. A brand new personal automobile exceeding 1500 cc will likely be insured at Rs 24,596 for 3 years below the newly notified charges.
The 5 12 months single premium for 2 wheelers not exceeding 75 cc is Rs 2,901, exceeding 75 cc however not 150 cc is Rs 3,851, and exceeding 150 cc however not 350 cc is Rs 7,365. A two wheeler exceeding 350 cc will be insured for 5 years at Rs 15,117 below the brand new charges.
A brand new personal electrical automobile (EV) will be insured at Rs 5,543 for 3 years if it isn’t exceeding 30 KW. If the EV exceeds 30 KW however is lower than 65 KW, the three 12 months premium will likely be Rs 9,044. Bigger EVs exceeding 65 KW will likely be insured at Rs 20,907 for 3 years.
New two wheelers EVs will be insured below 5 12 months single premiums for Rs 2,466 if they don’t seem to be exceeding 3 KW. EV two wheelers exceeding 3 KW however not 7 KW will likely be insured for Rs 3,273, and exceeding 7 KW however not 16 KW for Rs 6,260. Larger powered EV two wheelers with a capability exceeding 16 KW will likely be insured at Rs 12,849 for 5 years.
In keeping with the IRDAI, basic insurers issuing commercials on free automobile decide up and drop, physique wash, inside cleansing, and others will not be associated to servicing of claims and shouldn’t be finished.
