Vehicle insurance: MoRTH Increase third-party motor insurance for vehicles

The Ministry of Road Transport and Highways (MoRTH) decided to increase third-party motor insurance for vehicles from June 1st

Insurance costs for cars and two-wheelers will increase further. The Ministry of Road Transport and Highways (MoRTH) has decided to increase third-party motor insurance for vehicles. 

It said the hike would take effect from June 1st. A notification to this effect was issued on 26-05-2022. Two years later the government increased the third party insurance premium. It has been under moratorium for the past two years due to the corona epidemic.

 According to the latest notification, the revised third party insurance premium prices (according to vehicle categories) will be as follows:

• The premium for private cars with 1000cc engine capacity, has been increased from Rs 2072 to Rs 2094.
• The insurance premium for private cars with an engine capacity of 1000cc to 1500cc will increase from Rs 3,221 to Rs 3,416.
• The premium for cars with an engine capacity of more than 1500cc has been reduced from Rs 7,897 to Rs 7,890.
• The insurance premium for two-wheelers ranging from 150cc to 350cc will now be Rs 1,366.
• The premium for bikes with a capacity of more than 350cc will be Rs 2,804 from June 1.
• The premium for electric cars with less than 30 kilowatts will be Rs 1,780 and for electric cars between 30 and 65 kilowatts will be Rs 2,904.
• The third party insurance premium for commercial vehicles with a capacity of 12000 kg to 20,000 kg has been increased from Rs 33,414 to Rs 35,313.
• The premium for commercial vehicles with a capacity of more than 40,000 kg has been increased from Rs 41,561 to Rs 44,242.

The notification said that 15 per cent discount on premium will be given for buses used by educational institutions and Rs 7.5 per cent discount will be given on hybrid electric vehicles.

Telangana

Tuday