The centre on Wednesday approved the new base premium rates for third party motor vehicle insurance. These revised rates will be applicable from June 1, 2022. These rates were last revised for financial year 2019-20 and were kept unchanged during the COVID-19 pandemic.

According to a gazette notification from the Ministry of Road, Transport, and Highways, the annual rate of third-party insurance for private cars not exceeding 1000 cc has been fixed at Rs 2,094, up from Rs 2,072 in 2019-20. Under the new rates, third party insurance for private cars with an engine capacity between 1000 cc and 1500 cc has been raised to Rs 3,416 from Rs 3,221 in 2019-20. Larger private vehicles that have an engine capacity above 1500 cc will see the premiums fall to Rs 7,897 fro ..

For two wheelers over 150 cc but not exceeding 350 cc, the insurance premium will be Rs 1,366 while two-wheelers over 350 cc will command a premium of Rs 2,804.