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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

Experts suggest that if you decide to reduce your cover, you should supplement the TP cover with at least a fire and a theft cover

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2 min read Last Updated : Aug 01 2023 | 5:32 PM IST

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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

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