No Price Hike on Third Party Premium in Insurance: Giving some relief to the vehicle owners, the Ministry of Road Transport and Highways in its draft notification has proposed not to increase the cost of third party motor insurance.

Discount in premium for many types of vehicles

According to the news of Business Today, the Ministry of Road Transport and Highways has also proposed to give exemption in the premium of third party insurance of many types of vehicles in its notification. Which includes unlimited liability, which can suddenly be a big blow to the insurance industry.

Discount on the premium of these vehicles

The ministry has proposed 15 percent discount on buses of educational institutions, 50 percent discount on private vintage cars, 15 percent discount on electric vehicles and 7.5 percent discount on hybrid electric vehicles. Apart from this, a proposal to reduce the base premium of 3 wheeler passenger vehicles by about 6.5 percent is also included.

Discount on commercial passenger trains as well

Along with this, the basic premium of auto rickshaw has been proposed for 2023-24 at Rs 2371, which is 6.8 less than its existing premium of Rs 2,539. At the same time, the proposed premium for e-rickshaw is Rs 1,539, while its current premium is Rs 1,648.

No change in the premium of these vehicles

According to the draft notification, the third party premium will remain unchanged at Rs 2,094 for popular and budget vehicles and Rs 7,897 for SUVs.

More focus on electric vehicles

Keeping in mind the carbon emissions, the maximum focus of the government is on electric vehicles. Which will not only help in reducing pollution, but also get rid of expensive petrol diesel to a great extent and help in growing the automobile sector which is a clean fuel.

Also read- FAME II Scheme: Many EV companies may be badly trapped in the Fame-II scheme subsidy case, the government is in the mood to whip

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