News Desk, AnyTV, New Delhi
Published by: Amit Mandal
Updated Sat, 05 Mar 2022 09:48 PM IST
Summary
Insurance cost of car and two-wheeler is likely to increase from April 1. The government has proposed in this regard.
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Expansion
Revised insurance premium will be applicable from April 1
Two wheelers above 150 cc but less than 350 cc will attract a premium of Rs 1,366 and for two wheelers above 350 cc the revised premium will be Rs 2,804. The revised insurance premium will come into effect from April 1, after a moratorium of two years due to the COVID-19 pandemic. Earlier the rates were notified by the insurance regulator IRDAI (IRDAI). This is also the first time that the road transport ministry will notify these rates in consultation with the insurance regulator.
As per the notification, a discount of 15 per cent is proposed for electric private cars, electric two-wheelers, commercial vehicles carrying electric goods and electric passenger carrying vehicles. Third party insurance cover is a mandatory cover, which has to be purchased by the vehicle owner. This insurance cover is for any possible damage caused to a third party, generally a human being, due to a road accident. The ministry has sought suggestions in this regard by March 14.