The Ministry of Road Transport and Highways (MoRTH), on Tuesday, proposed new base premium rates for third-party motor insurance for different categories of vehicles, including two-wheelers, passenger cars, and commercial vehicles, for 2023-24 fiscal.
As per a draft notification issued by the Ministry new base premium rates for third-party motor insurance for different categories of vehicles, including two-wheelers, passenger cars, and commercial vehicles, for the 2023-24 fiscal are as under.
| Category of vehicle | Premium Rate |
| Private cars below 1,000 cc | Rs 2,094 |
| Private cars between 1000-1500 cc | Rs 3,416 |
| Private cars exceeding 1500 cc | Rs 7,897 |
| Two-wheelers not exceeding 75 cc | Rs 538 |
| Two-wheelers up to 350 cc and above | Rates vary in the range of Rs 714 and Rs 2,804. |
| Goods Carrying Commercial Vehicles (other than 3-wheelers) not exceeding 7500 kg | Rs 16,049 |
| For vehicles upto 40,000 kgs and above | Rates vary in the range of Rs 27,186-Rs 44,242 |
| Goods carrying motorized three-wheelers and motorized pedal cycles except e-carts | Rs.4492 |
| Private e-cars not exceeding 30 KW, | Rs 1780 |
| Private e-cars not exceeding 30 KW-65 Kw, | Rs.2904 |
| Private e-cars exceeding 65 KW | Rs 6712 |
| e-two wheelers not exceeding 3 KW | Rs 457 |
| e-two wheelers 3 KW-7 KW | Rs 607 |
| e-two wheelers 7 KW-16 KW | Rs 1161 |
| e-two wheelers 16 KW and above | Rs 2383 |
| Battery-based goods carrying commercial vehicles (other than three-wheelers) not exceeding 7500 kg | Rs 13,642 |
| Battery-based goods carrying commercial vehicles (other than three-wheelers) 7500 kgs-12000Kgs | Rs 23108 |
| Battery-based goods carrying commercial vehicles (other than three-wheelers) 12000 -20000Kgs | Rs 30016 |
| Battery-based goods carrying commercial vehicles (other than three-wheelers) 20000-40000Kgs | Rs 37357 |
| Battery-based goods carrying commercial vehicles (other than three-wheelers) exceeding 40000Kgs | Rs 37,606 |
A discount of 15 percent has been proposed for educational institution buses, and 50 percent has been proposed for private cars registered as vintage cars. It is further proposed a discount for electric vehicles 15 percent, and hybrid electric vehicles 7.5 percent, respectively. Further, a reduction of about 6.5 percent in the base premium rate has been proposed for 3-wheeled passenger-carrying vehicles.
The draft Motor Third Party Premium and Liability Rules for the Financial Year (FY) 2023-24 has been prepared in consultation with the Insurance Regulatory and Development Authority of India (IRDAI), said the ministry.
The ministry has invited comments and suggestions from all stakeholders within a period of thirty days.
Bank customers can now withdraw cash from ATMs without using physical cards. Even if you…
Economic systems can be classified as Traditional Economies, command economies, market economies, and mixed economies.…
The analysis of financial statements means identifying a business establishment's financial strengths and weaknesses by…
The Reserve Bank of India issued draft guidelines to provide a harmonised prudential framework for…
RBI has recently issued two notifications. The first notification is about Margin for Derivative Contracts…
Economists may define the subject of economics in several ways considering different aspects of the…