The Insurance Regulatory and Development Authority of India (IRDAI) has proposed the third party premium rates for private two-wheelers and cars for 2022-23. According to the new rates, you will have to pay more for your four-wheeler (personal vehicles) and two-wheeler (bike) vehicle’s third-party cover with effect from 1 April 2022.

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From the past two financial years (FY 2020-21 and FY 2021-22), the IRDAI had not revised the rates. Hence, till now, the rates remained the same that Irdai laid down for FY 2019-20.

Ashwini Dubey, head- of motor renewals, Policybazaar.com, said this was an expected move as third party rates had not been changed for the past two terms. The increase is from car to two-wheeler to commercial vehicles across the spectrum. While third-party premium rates are revised annually by Irdai, these were put on hold in 2020. And again in 2021 to give relief to policyholders during the pandemic. However, with the rise in the number of third-party claims after the initial drop during Covid, GICs had written to IRDAI, proposing the mandatory increase in third-party rates, which has now been accepted. This will increase insurance premiums for both comprehensive and third-party as TP is a part of comprehensive.