PTI – The government 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 of Road Transport and Highways (MoRTH), the base premium rates for Motor Third Party Insurance Cover have been proposed at INR 2,094 for private cars below 1,000 cc, INR 3,416 for cars (between 1000-1500 cc) and INR 7,897 for cars exceeding 1500 cc.
The draft Motor Third Party Premium and Liability Rules for the Financial Year (FY) 2023-24 has been prepared in consultation with Insurance Regulatory and Development Authority of India (IRDAI), the ministry said.
For two-wheelers not exceeding 75 cc, the rates have been proposed at INR 538, while for two-wheelers up to 350 cc and above the proposed rates vary in the range of INR 714 and INR 2,804.
The proposed rates for Goods Carrying Commercial Vehicles (other than 3-wheelers) not exceeding 7500 kg is INR 16,049, while the rates vary in the range of INR 27,186-INR 44,242 for vehicles upto 40,000 kgs and above.
For the goods carrying motorized three-wheelers and motorized pedal cycles except e-carts, the proposed rate is INR 4,492.
For private e-cars not exceeding 30 KW, the rates have been proposed at INR 1,780 and for 30 KW-65KW proposed rates are INR 2,904, and e-cars exceeding 65 KW (INR 6,712).
Proposed rates for e-two wheelers not exceeding 3 KW is INR 457, 3 KW-7 KW (INR 607), 7 KW-16 KW (INR 1161), and for 16 KW and above (INR 2,383).
For battery-based goods carrying commercial vehicles (other than three- wheelers) not exceeding 7500 kg, the proposed rate is INR 13,642, 7500-12000 kgs (INR 23,108), 12,000-20,000 kgs (INR 30,016), 20,000-40,000 kg (INR 37,357), and for those exceeding 40,000 kg (INR 37,606).
A discount of 15 % has been proposed for educational institution buses, 50 % has been proposed for a private car registered as vintage car, 15-7.5 % discount for electric vehicles and hybrid electric vehicles, respectively.
Further, a reduction of about 6.5 % in the base premium rate has been proposed for 3-wheeled passenger carrying vehicles, the ministry said adding it invites comments and suggestions from all stakeholders within a period of thirty days.
