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    Govt To Increase Third Party Car Insurance Premium From June

    Published On May 27, 2022 06:25 PM By Tarun

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    The base premium rates have been unchanged since 2020

    car insurance

    The Central government has put out a draft notification notifying its intention to increase the third party car insurance premium. The base insurance premium was last hiked in June 2019. So, car owners, be ready to shell out more from June 1, 2022. 

    Following are the new base premiums for private ICE-powered and electric cars: 

    ICE-powered private cars

    Type

    Single-year premium rates

    Three-year premium rates

    Not exceeding 1000cc

    Rs 2,094

    Rs 6,521

    1000cc - 1500cc

    Rs 3,416

    Rs 10,640

    Above 1500cc

    Rs 7,897

    Rs 24,596

    These are the rates for the basic third party insurance cover. If you get any riders added, then that will be chargeable over these rates. The premium now starts from Rs 2,094, going up to Rs 7,897, depending upon the engine capacity. You can also opt for three-year insurances. 

    Tata Tigor EV

    Private electric cars

    Type (Battery Capacity)

    Single-year premium rates

    Three-year premium rates

    Not exceeding 30kWh

    Rs 1,780

    Rs 5,543

    30-65kWh

    Rs 2,904

    Rs 9,044

    Above 65kWh

    Rs 6,712

    Rs 20,907

    Under the 30kWh limit, you only have the Tata Tigor EV currently. The 30-65kWh has most of the budget electric cars, including the Tata Nexon EV, MG ZS EV, Hyundai Kona electric, and Mini Cooper SE. All the premium EVs are found to have a battery capacity of over 65kWh. 

    For information, third party insurance only covers third party damages. In case if you have crashed into someone else’s car, then the latter’s damages can only be claimed. The said policy holder (first person) won’t get any insurance money. 

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