Buying a new car, bike? Get ready to shell out extra money from June; Here's why
Premium- According to the government's notification, private cars with an engine capacity of 1,000 cc will attract premium of ₹2,094
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If you are planning to buy a new car or a bike, get ready to shell out more money from June 1 onwards. Buying a new vehicle is set to become expensive across the country as the Union Ministry of Raod and Transport has decided to increase the cost of third-party insurance.
According to the official notification by the ministry, private cars with an engine capacity of 1,000 cc will attract rates of ₹2,094 compared to ₹2,072 in 2019-20.
Private cars with an engine capacity between 1,000 cc and 1,500 cc will attract rates of ₹3,416 compared to ₹3,221.
Whereas, cars above 1,500 cc will see a drop in premium from ₹7,897 to ₹7,890.
In the case of a two-wheeler, a 150cc-350 cc engine capacity will attract a premium of ₹1,366 and for two-wheelers, over 350 cc the revised premium will be ₹2,804.
The ministry has offered a discount of 7.5% on the premium for hybrid electric vehicles.
AN electric private car of 30KW will attract a premium of ₹1,780 and those exceeding 30 KW but not 65 KW will attract a premium of ₹2,904.
In the case of commercial vehicles exceeding 12,000kh weight, but not exceeding 20,000kg weight, the revised premium will be ₹35,313. And, in the case of goods carrying commercial vehicles exceeding 40,000 kg, the premium will increase to ₹44,242 as against ₹41,561 in 2019-20.
The Union Ministry has hiked the third-party premium rates after a gap of three years.
