The government on Tuesday proposed new base premium rates for third-party motor insurance for different categories of vehicles, including two-wheelers, passenger cars, and commercial vehicles, for 2023-24 fiscal year.
According to a draft notification issued by the Ministry of Road Transport and Highways (MoRTH), the base premium rates for Motor Third Party Insurance Cover have been proposed at Rs 2,094 for private cars below 1,000 cc, Rs 3,416 for cars (between 1000-1500 cc), and Rs 7,897 for cars exceeding 1500 cc.
