The centre has authorised new base charges for third-party automobile insurance coverage, efficient June 1, 2022. The new charges for motorcar insurance coverage have been final revised in FY 2019-20.
Private four-wheelers new insurance coverage charges
According to the brand new insurance coverage base charges launched by the Ministry of Roa, Transport, and Highways, automobiles as much as 1000 cc could have a hard and fast base value of Rs 2,094, in comparison with Rs 2,072 in 2019-20.
Vehicles as much as 1500 cc will see a revised base third-party insurance coverage value of Rs Rs 3,416 as in comparison with Rs 3,221 in 2019-20. Private automobiles which have an engine capability over 1500 cc have seen a marginal drop in thrid-party insurance coverage charges to Rs 7,897, in comparison with Rs 7,890.
The three-year premium for automobiles as much as 1000 cc now stands at Rs 6,521, whereas automobiles as much as 1500 cc and above 1500 cc stand at Rs 10,640, and Ra 24,596 for 3 years, below the brand new revised charges for third-party automotive insurance coverage.
Two-wheelers – new thrid-party insurance coverage charges
Insurance for two-wheelers between 100 and 350 cc will price Rs 1,366, whereas bikes and scooters above 350 cc will price Rs 2,804. For a 5 yr premium, for two-wheelers not exceeding 75 cc Rs 2,901, automobiles between 75 cc and 150 cc will price Rs 3,851.
Insurance for brand new automobiles between 150 cc and 350 cc can be priced at Rs 7,365 and for automobiles above 350 cc, the insurance coverage premium stands at Rs 15,117 below the brand new revised pricing.
Insurance for Electric Vehicles (EVs)
Under the brand new pricing scheme, a brand new non-public electrical automobile not exceeding 30 KW will be insured for Rs 5,543 for 3 years, Rs 9,044 for automobiles between 30 KW and 65 KW, whereas automobiles above 65 KW can have three-year insurance coverage for Rs 20,907.
Two-wheelers below 3 KW will be insured for Rs 2,466, electrical automobiles between 3 and seven KW will be insured for Rs 3,273, whereas automobiles between 7 KW and 16 KW will see a value of Rs 6,260, and EVs increased than 16 KW will demand a premium of Rs 12,849. All the costs for electrical two-wheelers are for five-year insurance coverage phrases.
Source: www.financialexpress.com”