Vinod was on his way to home after 'Vishu' (Malayalam New Year) celebrations around 2 am when the incident occurred, they said.
He had shifted to the CPI(M) from the BJP about five years ago.
The body has been kept at the District Co-operative hospital in Thalassery.
Meanwhile, CPI(M) district secretary P Jayarajan criticised police for "inadequate" security arrangements at politically sensitive areas during festival time.
CPI(M) has called for a hartal today till 6.00 pm in Thalassery taluk to protest against the incident.