The Ministry of Road Transport and Highways vide notification dated 17th March, 2022 has issued the draft Motor Third Party Premium and liability rules for the Financial Year (FY) 2022-23. The amendment has revised the premium rates for Motor Third Party Insurance Cover for unlimited liability for the various classes of vehicles.
In case of the Vintage Cars segment, a discounted price of 50% of the rate based on the erstwhile Indian Motor Tariff (IMT) is approved for those private cars registered as Vintage Cars. A discount of 15% on Motor TP premium rates for Electric Private Cars, Electric Two Wheelers, Electric Goods carrying Commercial Vehicles and Electric Passenger carrying
vehicles. 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.
Objections and suggestions to these draft rules, if any, may be vide email: commentsmorth@gov.in and mtp-irdai@irdai.gov.in.
