The Ministry of Road Transport and Highways (MoRTH) on June 15, 2023, issued the Draft Motor Third Party Premium and liability rules for the Financial Year (FY) 2023-24.
The following has been stated namely: -
• The table with the base premium rates for Motor Third Party Insurance Cover for unlimited liability for the various classes of vehicles for the Financial Year 2023-24 and beyond has been notified.
• The following may be noted:
1. A discounted price of 50% of the premium based on the Indian Motor Tariff shall be allowed for a private car registered as Vintage Car.
2. A discount of 7.5% on the premium shall be allowed for Hybrid Electric Vehicles.
3. All rates of premium shall be rounded off to the nearest rupee.
Objections and suggestions to these draft rules, if any, may be sent to the Additional Secretary (MVL, Transport & RS), Ministry of Road Transport and Highways and Insurance Regulatory and Development Authority of India (IRDAI) or at [email protected] and [email protected] before 30 days from June 15, 2023.
[Notification No. G.S.R. 441(E)]
