OPEN APP
Home / Insurance / News /  IRDAI notifies third-party motor insurance premiums for FY23
Listen to this article

NEW DELHI: The Insurance Regulatory and Development Authority of India (Irdai) has notified third-party premium rates for private four-wheelers and two-wheelers for the financial year 2022-23. The premium for third-party cover will go up from 1 June. These rules will be known as the Motor Vehicles (Third Party Insurance Base Premium and Liability) Rules, 2022.

Irdai had kept rates unchanged during FY21 and FY22.

For two-wheelers with an engine capacity of less than 75cc, the cost of third-party cover will be 538. Two-wheelers with engine capacity exceeding 75cc but not exceeding 150cc, the cost of the premium will be 714. Two-wheelers with engine capacity exceeding 150cc but not exceeding 350cc, the cost of the premium will be 1366. Two-wheelers with engine capacities above 350cc, the cost of the premium will be 2,804.

Third part rates for private four-wheelers have also increased. From 1 June, third-party premium for car with an engine capacity of less than 1000cc will be 2,094. For a car with engine capacity exceeding 1000cc but not exceeding 1500cc, the third-party premium will be 3,416. For cars with an engine capacity of more than 1500cc, the third-party premium will be 7,897.

The base premium for third-party insurance for unlimited liability for the various classes of vehicles is listed below:

Third-party premium rates.
View Full Image
Third-party premium rates.
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close
Recommended For You
×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout