The Ministry of Road Transport and Highways (MoRTH) on May 25 increased the third-party (TP) motor insurance premium for various categories of vehicles with effect from June 1, a decision which is likely to jack up the insurance cost of cars and two-wheelers.
According to the revised rates notified by the MoRTH, private cars with an engine capacity of 1,000 cc will attract rates of ₹2,094 compared to ₹2,072 in 2019-20.
Similarly, private cars with an engine capacity between 1,000 cc and 1,500 cc will attract rates of ₹3,416 compared to ₹3,221, while owners of cars above 1,500 cc will see a drop in premium from ₹7,897 to ₹7,890.
