Chennai, March 5 Even at a time when non-life insurers are raking in crores of rupees as premium and paying far less as claims under the motor third party liability policies, the Centre has proposed a hike in the vehicle insurance premium rates for 2022-23.
However, the only silver lining is that there is a slight dip in the premium to be paid by two-wheeler and private car owners, while there is a hike in taxi, truck and bus segments.
The Ministry of Road Transport and Highways on Friday issued a draft notification for revising the premium for motor third party insurance.
The government has also proposed discount of 15 per cent in the insurance premium for electric vehicles and 7.5 per cent for hybrid electric vehicles.
As per the proposed rates, owners of two-wheelers with cubic capacity
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