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
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.
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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