NEW DELHI/May 26-2022: Road Transport and Highways Ministry has issued notification pertaining to base premium for Third Party Insurance for unlimited liability.
The Ministry in consultation with the Insurance Regulatory and Development Authority of India (IRDAI), has published Motor Vehicles (Third Party Insurance Base Premium and Liability) Rules, 2022 on May 25.
“The rules will come into force on 1st of next month.
The Ministry said base premium for third-party insurance for unlimited liability has been notified for various classes of vehicles,” said an officical release.
A discount of 15 per cent has been provided for Educational institution buses, while a discount of 50 per cent of the premium has been allowed to a private car registered as Vintage Car.
It said a discount of about 15 per cent to Electric Vehicle and 7.5 per cent on the premium of Hybrid Electric Vehicles has been allowed.