New rules on third-party Insurance

The Ministry of

Road Transport and

Highways (MoRTH), in consultation with the

Insurance Regulatory and Development Authority of

India (IRDA), has published

Motor Vehicles (Third-Party Insurance Base Premium and Liability) Rules, 2022 vide notification dated May 25, 2022. The rules shall come into force with effect on June 01, 2022. As per the notification, the base premium for thirdparty insurance for unlimited liability has been notified for various classes of vehicles. It implies discounts in premium including a 15 per cent discount for educational institution buses. A discount of about 15 per cent and 7.5 per cent on the premium has been notified for electric and hybrid electric vehicles, respectively.