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Motor Third Party Premium: Rates of third party premium may change in FY23, offer discount on electric vehicles, check new rates

Motor Third Party Premium: If the proposal of the insurance regulator is approved, then from the next financial year, third party premium may have to be deposited at new rates for private cars and two wheelers.

Motor Third Party Premium: If the proposal of the insurance regulator is approved, then from the next financial year 2022-23, third party premium may have to be deposited at new rates for private cars and two-wheelers. Indian insurance regulator IRDA has issued a notification draft of Motor Third Party Premium Rate for the next financial year 2022-23. The approval of all the stakeholders of the industry is yet to be received on this and if approved, the new rates will be effective from April 1, 2022. Earlier, its rates were kept stable for two consecutive financial years and only the rates of the financial year 2019-20 are running at this time. Third party insurance tariff is controlled by IRDA and it has been notifying it since 2011. Third party insurance covers damage caused by your vehicle to any other vehicle or property. It does not cover accident, theft or damage to your vehicle.

 

Here are the proposed rates, discount on electric vehicle

The rates proposed by IRDA for the next financial year are given below. In this, a 7.5 percent discount has also been proposed for hybrid electric vehicles. In a way, it will be incentive to use eco-friendly vehicles.

Comprehensive coverage covers all types of risks

You can also add damage coverage to your vehicle in third party insurance which is optional. When third party and ‘Own Damage’ coverage are taken together, it is called Comprehensive coverage. In this, theft, any damage to the vehicle, the death of a driver/passenger due to an accident and the damage caused to the vehicle and property of any other person by your vehicle, i.e. almost everything is covered.

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