Car and two-wheeler insurance rates are expected to increase from June 1, 2022

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The central government has approved new base premium rates for motor third party liability insurance, which will apply from June 1, 2022. These will also increase the prices of all new cars and motorcycles.



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Government approved new base premium rates for motor vehicle liability insurance

The Center has approved new base premium rates for motor vehicle liability insurance, which will be applicable as of June 1, 2022. These insurance rates have remained unchanged during the COVID-19 pandemic and have been revised for the last time in fiscal year 2019-20. According to the new premium rate updates, the annual liability insurance rate for passenger cars with engine capacity below 1000 cc is now ₹2094 from ₹2072 in FY 2019-20 and that of cars between 1000 cc and 1500 cc is revised to ₹3,416 from ₹3,221. The annual premium for cars over 1500cc is now set at ₹7,897.

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The annual premium for cars over 1500cc is now set at ₹7,897.

The three-year one-time premium for new cars under 1000cc engine capacity has been set at ₹6,251 while the same for cars between 1000cc and 1500cc is set at ₹10,640. Insuring a new vehicle for three years with an engine capacity of over 1500cc will now cost ₹24,596.

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Other vehicle types will also see a premium overhaul, with the annual two-wheeler insurance premium for under 75cc now being ₹538, between 75cc and 150cc being ₹714, between 150cc and 350 cc being ₹1,366, and that for two-wheelers over 350 cc being ₹2,804.

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Annual insurance for motorcycles between 150cc and 350cc will be ₹1,366

The five-year one-time premium for two-wheelers under 75 cc is set at Rs 2,901, between 75 cc to 150 cc is Rs 3,851, between 150 cc and 350 cc is Rs 7,365 and exceeding 350 cc will be Rs 15,117 according to the new tariffs.

A new private electric vehicle (EV) can be insured at Rs 5,543 for three years if its driving capacity is less than 30 kW. For electric vehicles between 30 kW and 65 kW, the three-year premium will be Rs 9,044. Larger electric vehicles exceeding 65 kW will be insured at Rs 20,907 for three years.

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Electric cars over 65kW will incur an insurance premium of ₹20,907 over three years.

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The new electric two-wheelers can be insured under single five-year premiums for Rs 2,466 if they do not exceed 3kW. For those between 3kW and 7kW, the insurance premium will be ₹3,273, between 7kW and 16kW will be ₹6,260, and two-wheelers with engines that produce more than 16kW will be charged a premium of Rs 12,849.

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Annual third-party insurance for passenger cars Prime
Below 1000 cm3 ₹2,094/-
Between 1000cc and 1500cc ₹3,416/-
Above 1500cc ₹7,897


Three-year liability insurance for new passenger cars Prime
Below 1000 cm3 ₹6,251
Between 1000cc and 1500cc ₹10,640
Above 1500cc ₹24,596


Two-Wheel Annual RC Insurance Prime
less than 75 cm3 ₹538
Between 75cc and 150cc ₹714
Between 150cc and 350cc ₹1,366
Above 350cc ₹2,804


Three-year liability insurance for two-wheelers Prime
less than 75 cm3 ₹2,901
Between 75cc and 150cc ₹3,851
Between 150cc and 350cc ₹7,365
Above 350cc ₹15,117


Annual third-party insurance for electric cars Prime
Below 30kW ₹1,780
Between 30kW and 65kW ₹2,904
Above 65kW ₹6,712


Three-year liability insurance for new electric cars Prime
Below 30kW ₹5,543
Between 30kW and 65kW ₹9,044
Above 65kW ₹20,907


Annual liability insurance for electric two-wheelers Prime
Below 3kW ₹457
Between 3kW and 7kW ₹607
Between 7kW and 16kW ₹1,161
Above 16kW ₹2,383


Five-year liability insurance for new electric two-wheelers Prime
Below 3kW ₹2,466
Between 3kW and 7kW ₹3,273
Between 7kW and 16kW ₹6,260
Above 16kW ₹12,849

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