The Centre approved the revised base premium rates for third-party motor vehicle insurance on Wednesday. From June 1, 2022, these new rates will come into effect. These rates were last updated for the 2019-20 fiscal year and were stable during the COVID-19 pandemic. The Insurance Regulatory and Development Authority of India (IRDAI) notified the revised motor third-party insurance rates via a notification on May 26, 2022.
Electric vehicle long term premium rates A new private electric vehicle (EV) with a power output of less than 30 KW can be insured for three years for Rs 5,543. If the EV has a power output of more than 30 kW but less than 65 kW, the three-year premium would be Rs 9,044. Larger EVs with more than 65 KW will be insured for three years for Rs 20,907 each.