Car & Two-Wheeler Insurance Rates Set To Increase From June 1, 2022

The Central Government approved new base premium rates for third party motor vehicle insurance, which will be applicable from June 1, 2022. These will in turn also hike the prices of all new cars and bikes.




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The Govt. approved new base premium rates for third party motor vehicle insurance

The Center approved new base premium rates for third party motor vehicle insurance, which will be applicable from June 1, 2022. These insurance rates remained unchanged during the COVID-19 pandemic, and were last revised in FY2019-20. According to the new updates in the premium rates, the annual rate of third party insurance for private cars with engine displacement below 1000 cc is now ₹ 2,094, up from ₹ 2,072 in FY2019-20 and that for cars between 1000 cc and 1500 cc is revised to ₹ 3,416 from ₹ 3,221. Annual premium for cars above 1500 cc is now set at ₹ 7,897.

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Annual premium for cars above 1500 cc is now set at ₹ 7,897.

The three-year single premium for new cars below 1000 cc engine capacity has been fixed at ₹ 6,251, while the same for cars between 1000 cc and 1500 cc is set at ₹ 10,640. Insuring a new vehicle for three years that has an engine capacity of over 1500 cc will now cost ₹ 24,596.

Other vehicle types will also see a revision in premiums, with annual two-wheeler insurance premium for those below 75 cc now being ₹ 538, between 75 cc to 150 cc being ₹ 714, between 150 cc to 350 cc being ₹ 1,366, and that for two-wheelers above 350 cc being 80 2,804.

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Annual insurance for motorcycles between 150 cc to 350 cc will be ₹ 1,366

The five-year single premium for two-wheelers below 75 cc is set at Rs 2,901, between 75 cc to 150 cc is Rs 3,851, between 150 cc and 350 cc is Rs 7,365 and exceeding 350 cc will be Rs 15,117 under the new rates .

A new private electric vehicle (EV) can be insured at Rs 5,543 for three years if its motor capacity below 30 kW. For EVs between 30 kW to 65 kW, the three year premium will be Rs 9,044. Larger EVs exceeding 65 kW will be insured at Rs 20,907 for three years.

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Electric cars with power output higher than 65 kW will command a three-year insurance premium of ₹ 20,907.

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New electric two-wheelers can be insured under five year single premiums for Rs 2,466 if they are not exceeding 3 kW. For those between 3 kW to 7 kW, the insurance premium will be ₹ 3,273, between 7 kW and 16 kW will be ₹ 6,260, and two-wheelers with motors that put out over 16 kW will be charged a premium of Rs 12,849.







































Annual Third Party Insurance for Private Cars Premium
Below 1000 cc ₹ 2,094 / –
Between 1000 cc and 1500 cc ₹ 3,416 / –
Above 1500 cc ₹ 7,897


Three-Year Third Party Insurance for New Private Cars Premium
Below 1000 cc ₹ 6,251
Between 1000 cc and 1500 cc ₹ 10,640
Above 1500 cc ₹ 24,596


Annual Third Party Insurance for Two-Wheelers Premium
below 75 cc ₹ 538
Between 75 cc and 150 cc ₹ 714
Between 150 cc and 350 cc ₹ 1,366
Above 350 cc ₹ 2,804


Three-Year Third Party Insurance for Two-Wheelers Premium
below 75 cc ₹ 2,901
Between 75 cc and 150 cc ₹ 3,851
Between 150 cc and 350 cc ₹ 7,365
Above 350 cc ₹ 15,117


Annual Third Party Insurance for Electric Cars Premium
Below 30 kW ₹ 1,780
Between 30 kW and 65 kW ₹ 2,904
Above 65 kW ₹ 6,712


Three-Year Third Party Insurance for New Electric Cars Premium
Below 30 kW ₹ 5,543
Between 30 kW and 65 kW ₹ 9,044
Above 65 kW ₹ 20,907


Annual Third Party Insurance for Electric Two-Wheelers Premium
Below 3 kW ₹ 457
Between 3 kW and 7 kW ₹ 607
Between 7 kW and 16 kW ₹ 1,161
Above 16 kW ₹ 2,383


Five-Year Third Party Insurance for New Electric Two-Wheelers Premium
Below 3 kW ₹ 2,466
Between 3 kW and 7 kW ₹ 3,273
Between 7 kW and 16 kW ₹ 6,260
Above 16 kW ₹ 12,849

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