The Ministry of Road Transport and Highways vide notification dated 25th May, 2022 has issued the Motor Vehicles (Third Party Insurance Base Premium and Liability) Rules, 2022. They shall come into force on 1st June, 2022. The rules lays down the base premium for third party insurance for unlimited liability for the various classes of vehicles. Following clarifications are also provided:
- 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 the premium shall be allowed for Hybrid Electric Vehicle.
- All rates of premium shall be rounded off to the nearest rupee.