Vehicle Insurance: Government raises vehicle insurance premium, effective June 1; Find out what happened to the new rates
Third Party Vehicle Insurance: The Central Government has announced to increase the premium of Third Party Motor Vehicle Insurance for all vehicles. The increase will take effect on June 1. In that case, you should know about the new premium rates.
Third Party Vehicle Insurance Hike: Now the bomb to get expensive vehicle insurance can also explode on people who are already suffering from inflation. In fact, the central government has announced an increase in premiums for third party motor vehicle insurance for all vehicles. The Union Ministry of Road Transport and Highways had on Wednesday issued an order in this regard. The government's order will take effect on June 1. This makes third party auto insurance more expensive.
Car insurance is now Rs. 3416
According to the revised rates proposed by the ministry, the third party insurance premium for a private car with 1000 cc engine capacity will now be Rs 2094. While in the year 2019-20 this premium was Rs. 2072. At the same time, the premium for a private car with 1000 to 1500 cc engine has been increased from Rs 3221 to Rs 3416.
Reduction in premium for 1500 cc car
However, the government has offered third party vehicle insurance premiums to private car owners over 1500 cc. The government has reduced the premium for cars of this capacity as compared to earlier. Now this premium has been reduced from Rs 7,897 to Rs 7,890.
This premium is fixed for two wheelers
Similarly, the premium for two wheelers from 150 to 350 cc has been increased to Rs. 1366. At the same time, the premium rate for two wheelers over 350 cc has been fixed at Rs 2,804.
20-Aug-2024