In the notification, the ministry of road transport and the highway has said that the new charges will be effective from June 1, 2022.
New Delhi: It is not just the cars and bikes whose prices will increase, the prices of electric vehicles will also hike from next week as the central government has recently notified the base premium for third-party insurance for unlimited liability for various classes of vehicles. This will result in the price hike of electric vehicles and petrol and diesel-driven cars as the insurance prices have been increased. Issuing a notification, the ministry of road transport and the highway has said that the new charges will be effective from June 1, 2022
As per the notification, a discount of 7.5 per cent on the premium shall be allowed for hybrid electric vehicles. However, EV third-party insurance rates have also increased.
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Check Electric Vehicle Insurance Rates That Will be Effective From June 1, 2022
Private Cars: The revised insurance rates for private four wheeler electric cars,whose power output is not more than 30 KW, will be Rs 1,780. If the EV has the power output exceeding 30 KW but not more than 65 KW, the revised insurance rates will be Rs 2,904.
Two Wheelers: The insurance premium for EV two wheelers with a power output of less than3 KW will now attract Rs 457, while those with power outputs over 3 KW but not exceeding 7 KW will attract insurance premium of Rs 607. Moreover, the owners of two wheeler EVs with power outputs exceeding 7 KW but not exceeding 16 KW will pay a premium of Rs 1,161.
Long Term Insurance For Four Wheelers EVs: The three year single premium for vehicles not exceeding 30 KW will be Rs 5,543, and the premium for vehicles with power outputs exceeding 30 KW but not exceeding 65 KW will be Rs 9,044. However, for the vehicles exceeding 65 KW, the premium will be Rs 20,907.
