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Motor Insurance Premium Rates
Nov 18, 2023

IRDAI Proposes New Motor Insurance Premium Rates for FY2023-24

In June 2023, the Indian government set a new set of premium rates for FY2023-24 for third-party motor insurance. These are applicable to different types of vehicles. As per prevalent laws, it is mandatory for every vehicle owner to have a third-party motor insurance policy. This type of policy can provide financial coverage to the vehicle owner if their vehicle is involved in an accident and causes damage to a third party. The proposed set of rates has been issued in a notification by the Ministry of Road Transport and Highways (MoRTH). The ministry has proposed these new rates in consultation with the IRDAI (Insurance Regulatory and Development Authority of India). Let us look at the new proposed rates via some of the following tables presented in the draft:

Proposed premium rates for private vehicles, goods carrying vehicles, and trailers

The following table deals with the new premium rates for bike insurance, car insurance and certain other vehicle insurance plans:
Category Vehicle Type Rates (in Rupees)
Private Cars
Not exceeding 1000 cc 2,094
Exceeding 1000 cc but not exceeding 1500 cc 3,416
Exceeding 1500 cc 7,897
Two-wheelers
Not exceeding 75 cc 538
Exceeding 75 cc but not more than 150 cc 714
Exceeding 150 cc but not more than 350 cc 1,366
Exceeding 350 cc 2,804
A1 Goods Carrying Commercial Vehicles (excluding three-wheelers)
GVW not exceeding 7500 kgs 16,049
Exceeding 7500 kgs but not more than 12000 kgs 27,186
Exceeding 12000 kgs but not more than 20000 kgs 35,313
Exceeding 20000 kgs but not more than 40000 kgs 43,950
Exceeding 40000 kgs 44,242
A2 Goods Carrying Motorized 3- Wheelers and Motorized Pedal Cycles (applicable for all public Carriers except e-carts) 4,492
A3 Goods Carrying Motorized 3- Wheelers and Motorized Pedal Cycles (applicable for all private Carriers except e-carts) 3,922
B Trailers
Agricultural Tractors (applicable for those with up to 6 HP) 910  
Other trailers including Miscellaneous & Special Vehicle Types (Class-C). ( 2,485
 

Proposed premium rates for three-year and five-year bike and car insurance plans

As for long-term bike and car insurance plans spanning three to five years, here are the proposed premium rates:
Category of Vehicle Rates (in Rupees)
New private car – Three-year single premium
Not exceeding 1000 cc 6,521
Exceeding 1000 cc but not more than 1500 cc 10,640
Exceeding 1500 cc 24,596
New two-wheeler – Five-year single premium
Not exceeding 75 cc 2,901
Exceeding 75 cc but not more than 150 cc 3,851
Exceeding 150 cc but not more than 350 cc 7,365
Exceeding 350 cc 15,117

New proposed premium rates for electric vehicles

Now that electric vehicles are becoming popular, the need for electric vehicle insurance is also increasing. If you have an electric vehicle, here are the new premium rates you may have to comply with:
Category Type of Vehicle Rates (in Rupees)
Private cars
Not exceeding 30 KW 1,789
Exceeding 30 KW but not exceeding 65 KW 2,904
Exceeding 65 KW 6,712
Private two-wheelers
Not exceeding 3 KW 457
Exceeding 3 KW but not exceeding 7 KW 607
Exceeding 7 KW but not exceeding 16 KW 1,161
Exceeding 16 KW 2,383
A1 Goods carrying commercial vehicles (excluding three-wheelers)
GVW not exceeding 7500 kgs 13,642
Exceeding 7500 kgs but not more than 12000 kgs 23,108
Exceeding 12000 kgs but not more than 20000 kgs 30,016
Exceeding 20000 kgs but not more than 40000 kgs 37,357
Exceeding 40000 kgs 37,606
A2 Goods Carrying Motorised Three-Wheelers And Motorised Pedal Cycles – Public Carriers
e-carts 3,139
A3 Goods carrying motorised three-wheelers and motorised pedal cycles – Private carriers
e-carts 3,211
 

Proposed premium rates for long-term private electric vehicle insurance

One can also opt for an electric vehicle insurance policy that is valid for three to five years. Here are the proposed premium rates for the same:
Category of Vehicles Rates (in Rupees)
New private car – Three-year single premium
Not exceeding 30 KW 5,543
Exceeding 30 KW but not exceeding 65 KW 9,044
Exceeding 65 KW 20,097
New two-wheeler – Five-year single premium
Not exceeding 3 KW 2,466
Exceeding 3 KW but not exceeding 7 KW 3,273
Exceeding 7 KW but not exceeding 16 KW 6,260
Exceeding 16 KW 12,849
  These are some of the newly proposed motor insurance premium rates. Note that these apply to third-party plans only. The premium for comprehensive plans may vary based on several factors. * To estimate the premium for a comprehensive plan, you can use a vehicle insurance calculator. It provides you with a premium estimate based on the variables you enter. Besides the ones mentioned in the above tables, motor insurance premium rates have also been proposed for other types of vehicles. You can visit the website of the Ministry of Road Transport and Highways to find detailed information on this.   * Standard T&C apply. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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