Every financial year, the IRDAI notifies the third party cover premium rates for private electric vehicles.
New third-party insurance premium rates for Electric Vehicles are as follows:
| Category | Vehicle Type | Exisiting Rates (Rs) FY 2019-20 | Proposed Rates (Rs) FY 2020-21 |
|---|---|---|---|
| Private Cars | |||
| Not Exceeding 30 kW | 1,761 | 1,855 | |
| Exceeding 30 kW but not exceeding 65 kW | 2,738 | 2,838 | |
| Exceeding 65 kW | 6,707 | 6,707 | |
| Two Wheelers | |||
| Not Exceeding 3 kW | 410 | 430 | |
| Exceeding 3 kW but not exceeding 7 kW | 639 | 654 | |
| Exceeding 7 kW but not exceeding 16 kW | 1,014 | 1,106 | Exceeding 16 kW | 1,975 | 2,185 |
