Notification pertaining to base premium for third party insurance for unlimited liability
The Road Transport and Highways Ministry in consultation with the Insurance Regulatory and Development Authority of India, has published Motor Vehicles (Third Party Insurance Base Premium and Liability) Rules, 2022 on 25 May.
The rules will come into force on 1st of June 2022.
The base premium for third-party insurance has been notified for unlimited liability for different classes of vehicles.
As per the new rules, a discount of 15 per cent has been provided for educational institution buses, while a discount of 50 per cent in premium has been given for a private car registered as a vintage car.
A discount of about 15 percent has been given on electric vehicles and 7.5 percent on premium for hybrid electric vehicles.
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