There is big news for the drivers that their pocket money is going to increase. No, we are not talking about the prices of petrol and diesel, this burden is going to increase regarding car or bike insurance. Actually, from June 1, 2022, the insurance of other vehicles including your car is going to be expensive. The central government on Wednesday increased the premium rate of third-party motor vehicle insurance.
New rates will be effective from June 1
After this decision was taken by the central government, now a higher amount will have to be paid to get insurance according to the engine of the car. According to the notification issued by the Ministry of Road and Transport about this increase, the premium of motor insurance was increased earlier for the year 2019-20. It was told that the new rates of insurance premium will be effective from June 1, 2022.
This will increase the burden on the vehicle owners
According to the transport ministry, now vehicles with engine capacity of fewer than 1,000 ccs will have to pay a fixed premium of Rs 2,094 for third party insurance, as against Rs 2,072 in 2019-20. Apart from this, the third-party insurance premium for cars from 1,000 ccs to 1,500 ccs has been increased from Rs 3,221 to Rs 3,416. There has been a marginal hike in third-party insurance premiums for vehicles above 1,500 ccs to Rs 7,897 from Rs 7,890.
This premium fixed for two-wheelers
According to the notification of the Central Government, not only for four-wheelers but also for two-wheelers, the government has changed the rate of third-party insurance premiums. According to the notification, with effect from June 1, 2022, the premium for bikes ranging from 150 ccs to 350 ccs will be charged at Rs 1,366, while the insurance premium for two-wheelers with engine capacity above 350 ccs has been fixed at Rs 2,804.
Rates were stable for two years due to Corona
Let us inform you here that due to the corona epidemic, there was no change in the premium for two years. The revised TP insurance premium will be applicable from June 1. Earlier, these rates were notified by the Insurance Regulatory and Development Authority of India (Irdai). This is the first time that the Ministry of Road and Transport has notified the TP rates in consultation with the insurance regulator.
Big relief is given to hybrid vehicles
According to the notification issued by the ministry, a provision has been made to give a rebate of 7.5 percent on the premium for hybrid electric vehicles. While fixing the third party insurance premium for private e-cars also, the government has said that now the three-year premium for e-cars with capacity up to 30 kW will be Rs 5,543, while for e-cars between 30 kW to 65 kW. The three-year premium for e-cars with a capacity of more than 65 kW will now be Rs.
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