The Insurance Regulatory and Development Authority of India (IRDAI) has proposed third-party motor insurance premium rates for cars, electric vehicles, two-wheelers, and other transport vehicles for the financial year 2022-23.
The Insurance Regulatory and Development Authority of India has not made changes in the tariffs in the two fiscal years – FY 2020-21 and FY 2021-22. Thus, the rates set by IRDAI for the fiscal year 2019-20 have remained unchanged until today. Some amount of discount has been suggested on some vehicles that will encourage people to drive eco-friendly vehicles.
Discount available – 15 percent discount is available on electric two-wheelers, electric private cars, electric passenger-carrying vehicles, and electric good-carrying commercial vehicles. A 7.5 percent discount on Motor TP premium charges for hybrid electric vehicles would be given. Private cars registered as Vintage Cars are entitled for a 50 per cent discount on the charge based on the Former India Motor Tariff.
