New vehicle insurance rules - Cars and bikes are now less expensive
The IRDA recently passed a circular to withdraw the mandatory long-term vehicle insurance for new vehicles.(Shutterstock) BRAND POST New vehicle insurance rules - Cars and bikes are now less expensive The IRDA recently issued a circular to withdraw the long-term insurance for both cars and bikes that came into effect from August 1, 2020. Consequently, cars and bikes will become cheaper. Read on to know more. By HT Correspondent PUBLISHED ON SEP 18, 2020 10:26 AM IST If you are planning to buy a new car, SUV, or a motorbike, you can expect the vehicle’s price to be lower than before. The price revision came into effect from August 1, 2020. This is because the IRDA (The Insurance Regulatory and Development Authority of India) recently passed a circular to withdraw the mandatory long-term vehicle insurance for new vehicles. The regulatory body has mandated the insurance companies in India to discontinue the long-term own damage cover that added extra cost to the vehicle’s showroom price.
