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NEW DELHI: The Insurance Regulatory and Development Authority of India (Irdai) has notified third-party premium rates for private four-wheelers and two-wheelers for the financial year 2022-23. The premium for third-party cover will go up from 1 June. These rules will be known as the Motor Vehicles (Third Party Insurance Base Premium and Liability) Rules, 2022.
Irdai had kept rates unchanged during FY21 and FY22.
For two-wheelers with an engine capacity of less than 75cc, the cost of third-party cover will be ₹538. Two-wheelers with engine capacity exceeding 75cc but not exceeding 150cc, the cost of the premium will be ₹714. Two-wheelers with engine capacity exceeding 150cc but not exceeding 350cc, the cost of the premium will be ₹1366. Two-wheelers with engine capacities above 350cc, the cost of the premium will be ₹2,804.
Third part rates for private four-wheelers have also increased. From 1 June, third-party premium for car with an engine capacity of less than 1000cc will be ₹2,094. For a car with engine capacity exceeding 1000cc but not exceeding 1500cc, the third-party premium will be ₹3,416. For cars with an engine capacity of more than 1500cc, the third-party premium will be ₹7,897.
The base premium for third-party insurance for unlimited liability for the various classes of vehicles is listed below:
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