New Delhi [India], June 20 : The Ministry of Road Transport and Highways (MoRTH) has issued a draft notification proposing Motor Third Party Premium and Liability Rules for the Financial Year 2023-24. This was done in consultation with the Insurance Regulatory and Development Authority of India (IRDAI).
A discount of 15 per cent and 50 per cent has been proposed for educational institution buses and private cars registered as Vintage Car, respectively.
Also, a discount of 15 per cent and 7.5 per cent has been proposed for Electric and Hybrid Electric Vehicles, respectively. A gazette notification on the same was issued dated June 15, 2023.
The ministry prescribes the base premium rates for third-party motor insurance from time to time.
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