The Central Government has issued an increase in the third party motor insurance premium for different categories from 1st of June onwards. The new rates are expected to increase the cost of insurance for all two and four wheelers.
As per reports from India Today, “The third-party insurance cover is for other than own damage and is mandatory along with the own damage cover that a vehicle owner has to purchase.”
In terms of the new rates, private vehicles that has an engine capacity of 1000 cc and 1500 cc will be charges RS 3416 in comparison to Rs 3221. On the other hand, car owners with premium will see a drop in Rs 7897 to Rs 7890.
Electric private cars not exceeding 30 KW will get a premium of Rs 1780, while those exceeding 30 KW will attract Rs 2904.