New vehicle buyers read this article specially, two wheeler and four wheeler are going to be cheaper from 1st August.
The good news for those who buy a new car or two-wheeler is that they will have to pay less from the first of August. On-road pricing for new vehicles will see a slight reduction in prices as a result of IRDAI withdrawing its long-term insurance package plans. On Damage Insurance is back on the cover that is required at the time of purchasing a new vehicle.
With rollback, the customer does not have the option to purchase a long term on damage policy, even if they want to. This means that new vehicle owners are required to purchase a comprehensive cover for one year, while third party insurance is still mandatory for car and two wheeler vehicles for three and five years.
IRDAI also announced its decision to withdraw the long-term motor vehicle insurance scheme originally in June this year. The long-term insurance cover was introduced in September 2018 following a Supreme Court decision on the safety of motorists and pedestrians, mandating a three-year period for cars as well as five-year joint insurance in the case of two-wheelers, albeit at an on-road price.
Purchases fell with a sudden increase. IRDAI then asked the insurers for stand-alone year-on-year damage insurance for vehicles from September 1, 2019 as the third party’s stake was already covered under the three- or five-year policy. A third party insurance policy costs less than an on-damage cover.sourc-wheeler/ gujarati news
