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New rules: Lower insurance premium for school buses, e-vehicles
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 seeking to lower base insurance premium for vehicles belonging to certain classes
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 seeking to lower base insurance premium for vehicles belonging to certain classes.
“The rules will come into effect on June 1, 2022,” transport commissioner Dheeraj Sahu said. As per the new rules, base premium for third party insurance for unlimited liability has been notified for various classes of vehicles besides fixing discounts in premium.
Under the rules a discount of 15% has been provided for buses of educational institution while discounted price of 50% of the premium has been allowed to a private car registered as vintage car.
Similarly, a discount of about 15 % and 7.5% on the premium has been allowed for electric and hybrid electric vehicles, respectively.
