Soon there will be another hit of inflation, EV, two wheelers and cars will be more expensive than before
Image Credit source: TV9
This new order of the government will be applicable from June 1. This will make the insurance of two wheelers and cars expensive. Earlier in 2019-20, the government had increased the premium of third party motor insurance. Now it is being extended again in 2022.
You are going to be hit by another inflation very soon. A new kind of inflation will follow you from the month of June. This inflationary car prices (Car Price) will come. It’s because of third party motor vehicle insurance ,Car Insurance) increase. This insurance is going to be expensive from the month of June. This will increase the premium of vehicle insurance. From June 1, some rules and regulations are changing, including third party insurance. The government has already issued its notification. With the increase in the premium of motor vehicle insurance, the prices of cars will also be higher than before.
In 2019-20, the third party insurance of private cars used to be Rs 2072, but in June 2022 its rate will be Rs 2094. The Union Road and Transport Ministry has already given information by issuing its notification. Third party insurance will depend on the engine capacity or CC of the cars. The insurance premium for cars below 1000 cc will be Rs 2094. Third party insurance for 1000 to 1500 cc cars has been increased from Rs 3221 to Rs 3416. The insurance premium for a car with a capacity of more than 1500 cc has been increased from Rs 7890 to Rs 7897.
Two wheelers will also be expensive
The premium of third party insurance has also increased for two wheelers. The insurance premium for a two-wheeler of 150 to 350 cc will be Rs 1366, while for a two-wheeler with a capacity of more than 350 cc, the insurance premium will be Rs 2804. This will see an increase in the prices of the vehicles.
This new order of the government will be applicable from June 1. This will make the insurance of two wheelers and cars expensive. Earlier in 2019-20, the government had increased the premium of third party motor insurance. Now it is being extended again in 2022. Along with this, it has also been announced to increase the premium of electric vehicles. This will also increase the price of EV cars. According to the new rule, the insurance rate of electric vehicles whose capacity is less than 30 kW will now be Rs 1780. The insurance rate for EVs from 30 kW to 65 kW has been fixed at Rs 2904.
EV rates will also increase
The owner of such electric vehicle which is a private car and whose power output is more than 65 kW, will have to pay an insurance premium of Rs 6712. The premium for an electric scooter with a capacity of less than 3 kW will be Rs 457. The insurance premium for an electric vehicle of 3 kW to 7 kW will be Rs 607. The insurance premium for two wheelers of 7 kW to 16 kW will be Rs 1161 while for two wheelers with capacity above 16 kW the insurance premium will be Rs 2383. The new rule of insurance is being implemented from June 1, after which the effect on the prices of cars and bikes will start showing.
