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Govt proposes rates for third party motor insurance premium
Business Standard
|June 21, 2023
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 year.
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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 ₹2,094 for private cars below 1,000 cc, ₹3,416 for cars (between 1000-1500 cc), and ₹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.
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