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The draft Motor Third Party Premium and Liability Rules for the Financial Year (FY) 2023-24 has been prepared in consultation with Insurance Regulatory and Development Authority of India (IRDAI), the ministry said.
For two-wheelers not exceeding 75 cc, the rates have been proposed at Rs 538, while for two-wheelers up to 350 cc and above the proposed rates vary in the range of Rs 714 and Rs 2,804.
The proposed rates for Goods Carrying Commercial Vehicles (other than 3-wheelers) not exceeding 7500 kg is Rs 16,049, while the rates vary in the range of Rs 27,186-Rs 44,242 for vehicles upto 40,000 kgs and above.
For the goods carrying motorized three-wheelers and motorized pedal cycles except e-carts, the proposed rate is Rs 4,492.
For private e-cars not exceeding 30 KW, the rates have been proposed at Rs 1,780 and for 30 KW-65KW proposed rates are Rs 2,904, and e-cars exceeding 65 KW (Rs 6,712). Proposed rates for e-two wheelers not exceeding 3 KW is Rs 457, 3 KW-7 KW (Rs 607), 7 KW-16 KW (Rs 1161), and for 16 KW and above (Rs 2,383). For battery-based goods carrying commercial vehicles (other than three-wheelers) not exceeding 7500 kg, the proposed rate is Rs 13,642, 7500-12000 kgs (Rs 23,108), 12,000-20,000 kgs (Rs 30,016), 20,000-40,000 kg (Rs 37,357), and for those exceeding 40,000 kg (Rs 37,606).
A discount of 15 per cent has been proposed for educational institution buses, 50 per cent has been proposed for a private car registered as vintage car, 15-7.5 per cent discount for electric vehicles and hybrid electric vehicles, respectively.
Further, a reduction of about 6.5 per cent in the base premium rate has been proposed for 3-wheeled passenger carrying vehicles, the ministry said adding it invites comments and suggestions from all stakeholders within a period of thirty days.
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