The government 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 year.
According to 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 Rs 2,094 for private cars below 1,000 cc, Rs 3,416 for cars (between 1000-1500 cc), and Rs 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 Rs 538, while for two-wheelers up to 350 cc and above the proposed rates vary in the range of Rs 714 and Rs 2,804.
