However, as per the release issued on March 5, 2020, a discount of 15 percent is proposed for electric private cars, electric two-wheelers, electric Goods carrying Commercial Vehicles and electric passenger carrying vehicles. Apart from this, a discount of 7.5 percent on motor third party premium rates for hybrid electric vehicles is also proposed.
Take a look at the new proposed third-party insurance premium for private cars and two-wheelers.
Proposed private car third-party premium rates
The IRDAI has proposed to increase the Motor Third Party (TP) premium rates for cars with engines below 1000 cc to Rs 2,182 from the existing Rs 2,072 for fiscal 2020-21.
Similarly, for cars between 1,000 cc and 1,500 cc the third-party premium is proposed to be increased to Rs 3,383 from the existing Rs 3,221. However, for luxury cars (with engine capacity of over 1,500 cc) no change in third party premium has been proposed from the existing Rs 7,890.
Proposed two-wheeler third-party premium rates
The IRDAI has proposed to increase the TP premium rates for two-wheelers with engines below 75 cc to Rs 506 from the existing Rs 482 for fiscal 2020-21.
Similarly, for two-wheelers between 75 cc and 150 cc, the premium is proposed to be increased to Rs 769 from the existing Rs 752. For two-wheelers between 150 cc and 350 cc the premium is being proposed to be increased to Rs 1,301 from the existing Rs 1,193. For two-wheelers with engines above 350 cc, the premium is proposed to be increased to Rs 2,571 from the existing Rs 2, 323 for fiscal 2020-21.
The motor third party premium rates proposed by IRDAI for the year 2020-21 (ending March 31, 2021) for various categories of vehicles shall come into force from a date to be notified.
The details of the proposed motor third party premium rates for private cars and two-wheelers are given below:
| Description of vehicle | Existing Rates (FY 2019-20) Rs. | Proposed Rates (FY 2020-21) Rs. |
| Private cars with engine capacity | ||
| Not exceeding 1000 cc | 2,072 | 2,182 |
| Exceeding 1000 cc but not exceeding 1500 cc | 3,221 | 3,383 |
| Exceeding 1500 cc | 7,890 | 7,890 |
| Two Wheelers with engine capacity | ||
| Not exceeding 75 cc | 482 | 506 |
| Exceeding 75 cc but not exceeding 150 cc | 752 | 769 |
| Exceeding 150 cc but not exceeding 350 cc | 1,193 | 1,301 |
| Exceeding 350 cc | 2,323 | 2,571 |
Read more: California Car Insurance: Compare California Auto Insurance Costs | https://insurecar.info
Source: IRDAI
Third-party insurance premium for cars, two-wheelers and conveyance vehicles is likely to go up with the governor Insurance Regulatory and Development Authority ( IRDAI ) proposing a significant increase in these premium rates for the fiscal year 2020-21.However, as per the acquittance issued on March 5, 2020, a discount rate of 15 percentage is proposed for electric private cars, electric two-wheelers, electric Goods carrying commercial Vehicles and electric passenger carrying vehicles. apart from this, a discount rate of 7.5 percentage on motor third base party bounty rates for hybrid electric vehicles is besides proposed.Take a spirit at the new proposed third-party insurance bounty for private cars and two-wheelers.The IRDAI has proposed to increase the Motor Third Party ( TP ) premium rates for cars with engines below 1000 two hundred to Rs 2,182 from the existing Rs 2,072 for fiscal 2020-21.Similarly, for cars between 1,000 cc and 1,500 two hundred the third-party agio is proposed to be increased to Rs 3,383 from the existing Rs 3,221. however, for luxury cars ( with engine capacity of over 1,500 cc ) no change in one-third party premium has been proposed from the existing Rs 7,890.The IRDAI has proposed to increase the TP premium rates for two-wheelers with engines below 75 milliliter to Rs 506 from the existing Rs 482 for fiscal 2020-21.Similarly, for two-wheelers between 75 cc and 150 milliliter, the agio is proposed to be increased to Rs 769 from the existing Rs 752. For two-wheelers between 150 cc and 350 milliliter the agio is being proposed to be increased to Rs 1,301 from the existing Rs 1,193. For two-wheelers with engines above 350 milliliter, the premium is proposed to be increased to Rs 2,571 from the existing Rs 2, 323 for fiscal 2020-21.The motor third base party bounty rates proposed by IRDAI for the year 2020-21 ( ending March 31, 2021 ) for assorted categories of vehicles shall come into impel from a date to be notified.The details of the proposed drive third party premium rates for individual cars and two-wheelers are given below : source : IRDAI