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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
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