Ministry of Road Transport and Highways (Ministry) vide circular ref. No G.S.R. 441(E) dated June 14, 2022 and Gazette notification no. CG-DL-E-16062023-246603 dated June 15, 2022 has issued draft Motor Third Party Premium and Liability Rules for the Financial Year (FY) 2023-24. The proposed rates and their comparison to the rates prescribed for the financial year 2022-23 has been explained through the table below:
There is no change in the base premium rates for third party insurance for any category of vehicle, other than those highlighted in the below mentioned table.
The Ministry solicits objections and suggestions to these draft rules, which may be sent to
The Additional Secretary (MVL, Transport & RS), Ministry of Road Transport and Highways,
Transport Bhawan, Parliament Street, New Delhi-110 001
and
Insurance Regulatory and Development Authority of India (IRDAI), Sy No. 115/1,
Financial District, Nanakramguda, Gachibowli, Hyderabad 500032
or on the email at:
comments-morth@gov.in and
mtpirdai@irdai.gov.in
Proposed Motor TP premium rates
Vehicle Type
FY
2020-21
FY
2021-22
FY
2022-23
Proposed rates for FY 2023-24
Notification number
IRDAI order number IRDAI/NL/ORD/MOTP/075/03/2020 dated March 27, 2020
Effect continued vide the IRDAI notification dated March 27, 2020
Gazette notification no. CG-DL-E-25052022-236018 dated May 25, 2022
Gazette notification no. CG-DL-E-16062023-246603 dated June 15, 2022
Effective date
No change
No change
June 01, 2022
Exp. Draft
Column reference
A
B
Table I
Rates for FY 2022-23
Proposed rates for FY 2023-24
Column Reference
A
B
Private Cars*
Not exceeding 1000 cc
2,094
2,094
Exceeding 1000 cc but not exceeding 1500CC
3,416
3,416
Exceeding 1500 cc
7,897
7,897
Two Wheelers
Not exceeding 75 cc
538
538
Exceeding 75 cc but not exceeding 150 CC
714
714
Exceeding 150 cc but not exceeding 350 CC
1,366
1,366
Exceeding 350 cc
2,804
2,804
A1
Goods Carrying Commercial Vehicles (other than 3 wheelers)
GVW not exceeding 7500 kgs
16,049
16,049
Exceeding 7500 Kgs but not exceeding 12000 kgs
27,186
27,186
Exceeding 12000 Kgs but not exceeding 20000 kgs
35,313
35,313
Exceeding 20000 Kgs but not exceeding 40000 kgs
43,950
43,950
Exceeding 40000 Kgs
44,242
44,242
A2
Goods Carrying Motorized Three Wheelers and Motorized Pedal Cycle – Public Carriers
Except e-carts
4,492
4,492
A3
Goods Carrying Motorized Three Wheelers and Motorized Pedal Cycle – Private Carriers
Except e-carts
3,922
3,922
B
Trailers
Agricultural Tractors upto 6 HP
910
910
Other Vehicles including Miscellaneous & Special Type of Vehicles (Class – C) (For each trailer, for more please multiply by no. of trailers)
2,485
2,485
Table II
Existing Rates
Proposed rates for FY 2023-24
Basic Rate
Per Licensed Passenger
Basic Rate
Per Licensed Passenger
C1a
Four wheeled vehicles used for carrying passengers for hire and reward with carrying capacity not exceeding 6 passengers
Not exceeding 1000 cc
6,040
1,162
6,040
1,162
Exceeding 1000 cc but not exceeding 1500CC
7,490
978
7,490
978
Exceeding 1500 cc
10,523
1,117
10,523
1,117
C1b
Three wheeled vehicles used for carrying passengers for hire and reward with carrying capacity not exceeding 6 passengers
Except e-rickshaw
2539
1214
2,371
1,134
C2
Four or more wheeled vehicles used for carrying passengers with carrying capacity not exceeding 6 passengers for hire and reward
Educational Institutional Bus
12192
745
12192
745
Other than Educational Institutional Bus
14343
877
14343
877
C3a
Motorized three wheeled passenger vehicles used for carrying passengers for hire or reward with carrying capacity exceeding 6 passengers but not exceeding 17 passengers.
6,763
1,349
6,763
1,349
C3b
Motorized Three wheeled passenger vehicles used for carrying passengers for hire or reward with carrying capacity exceeding 17 passengers
15,502
948
15,502
948
C4
Motorized Two wheelers used for carrying passengers for hire and reward
Not exceeding 75 cc
861
580
861
580
Exceeding 75 cc but not exceeding 150 cc
861
580
861
580
Exceeding 150 cc but not exceeding 350 cc
861
580
861
580
Exceeding 350 cc
2,254
580
2,254
580
Table III
Existing Rates
Proposed rates for FY 2023-24
D
Special Types of Vehicles
Pedestrian controlled Agricultural Tractors with Horse Power rating not exceeding 6HP, Hearses and Plane Loaders
1,645
1,645
Other Miscellaneous & Special types of vehicles
7,267
7,267
E
Motor Trade (Road Transit Risk)
Distance not exceeding 2400 kms
1,175
1,175
Distance exceeding 2400 kms
1,412
1,412
Fa
Motor Trade (Road Risk) (Excluding Motorized Two Wheelers) – (Named Driver or Trade Certificate)
1 st named driver or certificate
1,498
1,498
For additional drivers/ certificates up to 5 (per driver / certificate)
725
725
For additional Drivers/ Certificates exceeding 5 but not exceeding 10 (per driver / certificate)
467
467
For additional Drivers/ Certificates exceeding 10 but not exceeding 15 (per driver / certificate)
404
404
Fb
Motor Trade (Road Risk) (Motorized Two Wheelers) – (Named Driver or Trade Certificate)
1 st named driver or certificate
515
515
For each additional Driver / Certificate
257
257
Table IV
Existing Rates
Proposed rates for FY 2023-24
New Private Car-3 year Single Premium
Not exceeding 1000 cc
6,521
6,521
Exceeding 1000 cc but not exceeding 1500CC
10,640
10,640
Exceeding 1500 cc
25,596
25,596
New Two Wheelers – 5 year Single Premium
Not exceeding 75 cc
2,901
2,901
Exceeding 75 cc but not exceeding 150 CC
3,851
3,851
Exceeding 150 cc but not exceeding 350 CC
7,365
7,365
Exceeding 350 cc
15,117
15,117
Table V
Rates for Electric vehicles- Non passenger carrying vehicles.
Existing Rates
Proposed rates for FY 2023-24
Private Cars
Not exceeding 30 KW
1,780
1,780
Exceeding 30 KW but not exceeding 65 KW
2,904
2,904
Exceeding 65 KW
6,712
6,712
Two Wheelers
Not exceeding 3 KW
457
457
Exceeding 3 KW but not exceeding 7 KW
607
607
Exceeding 7 KW but not exceeding 16 KW
1,161
1,161
Exceeding 16 KW
2,383
2,383
Goods Carrying Commercial Vehicles (other than 3 wheelers)
GVW not exceeding 7500kgs
13,642
13,642
Exceeding 7500kgs but not exceeding 12000kgs
23,108
23,108
Exceeding 12000kgs but not exceeding 20000kgs
30,016
30,016
Exceeding 20000kgs but not exceeding 40000kgs
37,357
37,357
Exceeding 40000kgs
37,606
37,606
Goods Carrying Motorized Three Wheelers and Motorized Pedal Cycles – Public Carriers
e-carts
3,139
3,139
Goods Carrying Motorized Three Wheelers and Motorized Pedal Cycles – Private Carriers
e-carts
3,211
3,211
–
Table VI
Long term rates for electric vehicles – Private Cars and Two wheelers:
Existing Rates
Proposed rates for FY 2023-24
New Private Car – Three year single premium
Not exceeding 30 KW
5,543
5,543
Exceeding 30 KW but not exceeding 65 KW
9,044
9,044
Exceeding 65 KW
20,907
20,907
New Two Wheeler – Five year single premium
Not exceeding 3 KW
2,466
2,466
Exceeding 3 KW but not exceeding 7 KW
3,273
3,273
Exceeding 7 KW but not exceeding 16 KW
6,260
6,260
Exceeding 16 KW
12,849
12,849
Table VII
Rates for Electric vehicles – Passenger carrying vehicles.
Existing Rates
Proposed rates for FY 2023-24
Category
Vehicle type
KW Segments
Basic TP premium (Rs.)
Premium per licensed passenger (Rs.)
Basic TP premium (Rs.)
Premium per licensed passenger (Rs.)
C1 a
(Four wheeled vehicles used for carrying passengers for hire or reward with carrying capacity not exceeding 6 passengers)
Not exceeding 30 KW
5,134
988
5,134
988
Exceeding 30 KW but not exceeding 65 KW
6,749
831
6,749
831
Exceeding 65 KW
8,945
949
8,945
949
C1b
(Three wheeled vehicles used for carrying passengers with carrying capacity not exceeding 6 passengers)
e-rickshaw
1,648
789
1,539
737
C2
(Four or more wheeled vehicles used for carrying passengers with carrying capacity exceeding 6 passengers for hire institution and reward)
Educational institution bus
10,363
633
10,363
633
Other than educational bus
12,192
745
12,192
745
C3a
(Motorised three wheeled- passenger vehicles used for’ carrying passengers for hire or reward with carrying capacity exceeding 6 passengers but not exceeding 17 passengers)
–
5,749
1,147
5,749
1,147
C3b
(Three wheeled vehicles used for carrying passengers for hire and reward with carrying capacity exceeding 17 passengers)
–
13,177
806
13,177
806
C4
(Motorised Two Wheelers used for carrying passengers for hire or reward)
Not exceeding 3 KW
732
493
732
493
Exceeding 3 KW but not exceeding 7 KW
732
493
732
493
Exceeding 7 KW but not exceeding 16 KW
732
493
732
493
Exceeding 16 KW
1,196
493
1,196
493
–
Table VIII- Quadricycle
Existing Rates
Proposed rates for FY 2023-24
Category
Vehicle Type
Basic Rate
Per Licensed Passenger
Basic Rate
Per Licensed Passenger
Quadricycle
Private Car
2,094
N/A
2,094
N/A
Electric private Car (Not exceeding 30 KW)
1,780
N/A
1,780
N/A
Commercial Vehicles not exceeding 500 CC
2,539
1,214
2,539
1,214
Long term rates – Three years single premium:
Existing Rates
Proposed rates for FY 2023-24
Category
Vehicle Type
Rates (Rs.)
Rates (Rs.)
Quadricycle
New Private Car
6,521
6,521
New Electric private Car (Not exceeding 30 KW)
5,543
5,543
–
Note:
- Educational institution: An omnibus, owned by a college, school or other educational institution and used solely for the purpose of transporting students or staff of the educational institution in connection with any of its activities.
- A discounted price of 50% of the premium based on the Indian Motor Tariff shall be allowed to a private car registered as Vintage Car.
- A discount of 7.5% on Motor TP premium rates for Hybrid Electric Vehicles is accepted.
- All rates will be rounded off to the nearest rupee.
- The category of vehicles under the Tables shall have the meaning assigned to a particular category of vehicles under Central Motor Vehicle Rules, 1989.
–
Source category: Others
Attachments
- /2023/220_Draft_notification_Motor_Third_Party_Premium_and_Liability_Rules_2023.pdf


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