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.
