 "Motor insurance, insurance premium")
The ministry of road transport and highways in consultation with the insurance regulator on Friday released a draft notification for revising the motor third party premium rates for the financial year 2023.
The proposed revision in motor third party premiums will take place after two years as the premium rates were not revised for FY21 and FY22 because of the pandemic.
According to the revised rates, private cars with 1,000 cubic capacity (cc) will attract rates of Rs 2,094. Similarly, private cars with 1,000 cc to 1,500 cc will attract rates of Rs 3,416 while above 1,500 cc private cars
