The Ministry of Road Transport and Highways vide circular dated the 4 March, 2022 has issued draft notification of Motor Third Party Premium Rates for the Financial Year (FY) 2022-23. Objections or suggestions, if any, may be sent to Ministry of Road Transport and Highways vide Email before 14 March 2022.
It is provided that the Vintage Cars segment, a discounted price of 50% of the proposed rate based on the erstwhile Indian Motor Tariff (IMT) has been proposed for those private cars identified as Vintage Cars by the Vintage and Classic Car Club of India.
A discount of 15% is proposed for Electric Private Cars, Electric Two Wheelers, Electric Goods carrying Commercial Vehicles and Electric Passenger carrying Vehicles. The proposed discount will incentivize usage of environmental friendly vehicles. The rates for the Electric Vehicles are given in Tables V, VI, VII & VIII of Annexure A.
A discount of 7.5% on Motor TP premium rates for Hybrid Electric Vehicles is proposed. This will be an incentive to use environment friendly vehicles.
