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Attention drivers! Third-party insurance is going to be expensive, know the new rate list

The rates of third party insurance of vehicles are going to increase. The Insurance Regulatory and Development Authority of India has issued a draft notification revising the premium rate for third-party insurance of motor vehicles, according to the Ministry of Road Transport and Highways. These have been brought for the financial year 2022-2023. This decision was stalled for two years due to the Corona epidemic. Know what are the new rates:

4-Wheelers
As per the new rates, the premium for 1000-cc private cars will be Rs 2,094. Vehicles with 1000 to 1,500 cc engine will attract a premium rate of Rs 3,416, while cars above 1,500 cc will attract a premium of Rs 7,897.

Two- wheelers
: Two-wheelers between 150cc-350 cc will attract a premium of Rs 1,366. While two-wheelers with engine more than 350cc will cost Rs 2,804.

Commercial Vehicles
For public commercial vehicles carrying goods, the premium will be between Rs 16,049 and Rs 44,242 depending on the vehicle weight. For private commercial vehicles, the premium will be between Rs 8,510 to Rs 25,038.

The three-year single premium for new cars has been revised and will now cost between Rs 6,521 to Rs 24,596. Similarly, the five-year single premium for new two-wheelers will be in the range of Rs 2,901 to Rs 15,117 depending on the engine.

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