IRDAI Notifies Motor Vehicle Liability Insurance Premiums for FY23

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NEW DELHI: The Indian Insurance Regulatory and Development Authority (Irdai) has notified third party premium rates for private four-wheelers and two-wheelers for the financial year 2022-23. The liability premium will increase from June 1. These rules will be known as the Motor Vehicle (Basic Premium and Third Party Insurance Liability) Rules 2022.

Irdai had kept its rates unchanged in fiscal years 21 and 22.

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For two-wheelers with a cylinder capacity of less than 75cc, the cost of the third-party guarantee will be 538. Two-wheelers with a cylinder capacity greater than 75cc but not exceeding 150cc, the cost of the premium will be 714. For two-wheelers with a cylinder capacity greater than 150cc but not exceeding 350cc, the cost of the premium will be 1366. Two-wheelers with a cylinder capacity greater than 350cc, the cost of the premium will be 2,804.

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Third-party rates for private 4-wheelers have also increased. From 1 June, the third party bonus for cars with an engine capacity of less than 1000cc will be 2,094. For a car whose engine capacity exceeds 1,000 cc but does not exceed 1,500 cc, the third-party bonus will be 3,416. For cars with a cylinder capacity greater than 1500 cm3, the third-party bonus will be 7,897.

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The basic unlimited liability insurance premium for the different classes of vehicles is shown below:

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Third party premium rates.

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