New Delhi: This is big news for other drivers including cars. From June 1, 2022, the insurance cost of your car will increase (Motor Insurance Premium Hike). The central government on Wednesday increased the premium rate of third-party motor vehicle insurance. Now more amount will have to be paid according to the engine of the car.
The Ministry of Road and Transport issued a notification saying that the last change in the premium of motor insurance was done for 2019-20. No changes were made to it during the Covid-19 pandemic. Now the rate of Third Party Insurance is being increased for different engine capacities. The new rates of premium will be effective from June 1.
Which vehicle will cost how much
According to the ministry, the premium for third-party insurance has been fixed at Rs 2,094 for vehicles with an engine capacity of less than 1,000 cc. In 2019-20, this amount was Rs 2,072. Similarly, the premium for third-party insurance on vehicles from 1,000 cc to 1,500 cc has been increased from Rs 3,221 to Rs 3,416. However, the third-party insurance premium for vehicles above 1,500 cc has increased marginally. It has increased to Rs 7,897 from Rs 7,890 two years ago.
New rates are fixed for bikes too
Third-party insurance premiums will also change for two-wheelers. From June 1, the premium for bikes from 150 cc to 350 cc will be Rs 1,366, while the premium for engines above 350 cc will now be Rs 2,804.
The minimum three-year lump-sum premium for a 1,000 cc car has now been fixed at Rs 6,521, while the three-year lump-sum premium for vehicles with a range of 1,000 cc to 1,500 cc will now be Rs 10,640. Vehicles whose engine capacity is more than 1,500 cc will now have to pay a minimum lump-sum premium of Rs 24,596 for three years.
Five years premium for two-wheeler
The five-year single premium has been fixed at Rs 2,901 for bikes with engine capacity less than 75 cc, while the five-year single premium for bikes between 75 cc and 150 cc will now be Rs 3,851. Similarly, a premium of Rs 7,365 will be charged for two-wheelers above 150 cc and less than 350 cc, while Rs 15,117 will be charged for two-wheelers above 350 cc.
How much premium one-car
The government has also fixed third-party insurance premiums for private e-cars. Now the three-year premium for an e-car with a capacity of up to 30 kW will be Rs 5,543. Similarly, for an e-car between 30 kW and 65 kW, a three-year premium will be charged at Rs 9,044. For e-cars with a capacity of more than 65 kW, a three-year premium will now be charged at Rs 20,907.
What will be the premium for five years on e-scooter
The five-year single premium for e-scooters with 3 kW capacity has been fixed at Rs 2,466, while the premium for e-scooters with 3 kW to 7 kW capacity will be Rs 3,273. Similarly, two-wheelers with a capacity of 7 kW to 16 kW will attract a premium of Rs 6,260 for five years while those with a capacity of more than 16 kW will have to pay a premium of Rs 12,849.
