The Ministry of Road Transport and Highways, in consultation with the Insurance Regulatory and Development Authority of India, has published Motor Vehicles (Third Party Insurance Base Premium and Liability) Rules, 2022 vide notification dated 25.05.2022. The rules shall come into force on 1st June, 2022.
In the said rules, base premium for third party insurance for unlimited liability has been notified for various classes of vehicles. Following discounts in premium are also allowed in the said rules-
• A discount of 15% has been provided for Educational institution buses
• A discounted price of 50% of the premium has been allowed to a private car registered as Vintage Car.
• A discount of about 15 % and 7.5% on the premium has been allowed for Electric and Hybrid Electric Vehicles, respectively.