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Motor Insurance In India Price – This is the first time that the MoRTH has announced higher education rates in coordination with the Insurance, Regulatory and Development Authority of India (IRDAI).
The government has announced an increase in insurance premiums for cars of various categories from June 1. The revised tariffs will lead to an increase in the insurance premium for cars and two-wheelers. This is the first time that the MoRTH has announced higher education rates in coordination with the Insurance, Regulatory and Development Authority of India (IRDAI).
Motor Insurance In India Price
According to the Ministry of Roads and Highways (MoRTH), private cars with an engine capacity of 1,000 cc will get Rs 2,094, up from Rs 2,072 in 2019-20. brought up to date. Tariffs have not changed due to the COVID-19 pandemic.
Common Service Center
Prices of individual cars with engine capacity between 1000 cc and 1500 cc will increase from Rs 3,221 to Rs 3,416. However, the rates for cars with engine displacement above 1,500 cc are reduced from Rs 7,897 to Rs 7,890.
Two-wheeler owners will also have to pay Rs 1,366 for bikes of 150 cc but not more than 350 cc and Rs 2,804 for bikes above 350 cc.
The ministry noted that the cost of hybrid electric vehicles is 7.5 percent. While electric vehicles up to 30kW are priced at Rs 1,780, those above 30kW but not 65kW are priced at Rs 2,904.
This insurance covers damage to third parties, usually people, as a result of a traffic accident. Third party insurance is mandatory and accident insurance must be purchased.
Auto Rickshaw Insurance
There is a 15 percent discount on school buses. The ministry also offered a 50 percent discount on private cars registered as retro.
