Govt notifies new vehicle insurance rates, will be applicable from June 1

A discount of about 15% and 7.5% on the premium has been allowed for electric and hybrid electric vehicles, respectively

The ministry of road transport and highways has revised base premium rates for third-party insurance of vehicles for the first time since the onset of Covid-19.

The new rates, which are applicable from 1 June, will see discounted prices for third party insurance in electric vehicles, hybrid vehicles, and educational institute buses, as per a statement by the ministry.

For new private cars upto 1000 cc, the yearly base premium rate has gone up by Rs 22 from 2019-20 to Rs 2,094, while that for cars between 1000 and 1500 cc is Rs 3,416 (up by Rs 195), while third