Buy any car-bike, now save thousands of rupees, benefit scheme implemented from today
- Now buying cars and bikes has become cheaper. From August 1, you will not need to take long term third party insurance with a car or the rest. IRDAI has made changes in the rules attached to car-bike insurance.
New Delhi: Buying cars and bikes has become cheaper. From August 1, you will not need to take long term third party insurance with a car or the rest. The changes made by IRDAI in the rules relating to car-bike insurance have come into effect from today. IRDAI has given a big relief by taking this decision in Coronavirus mahamari. Let me tell you that in 2018, IRDAI required 3 years of third party insurance for new cars and 5 years of third party insurance for two wheelers.
The new IRDA notification does not require third party and Own damage insurance for new four wheelers and two wheelers from 1 August 2020, which is to be taken for 3 to 5 years. Long term means 5 years third party insurance for two wheeler vehicles and 3 years for 4 wheeler. At the behest of IRDAI, the insurance companies introduced long-term package plans which included third party and on-damage cover.
In case of any road accident, motor insurance policy is covered in two ways. Third party cover and on damage cover. Under the Motor Vehicle Act, all vehicle owners are required to take out third party insurance.
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The good news is that Third Party Insurance, which grows up to 20 per cent per annum, will not see a third party insurance premium increase for a few months this year. It will be a great relief to the people and auto companies struggling with the economic crisis in the lockdown.
According to sources, the third party insurance premium will not be increased this time. An increase of 10 to 20 per cent in the rate of third party premium was approved for the financial year 2020-21. According to the information received, the first half premium will not increase after holding the increase in premium. Third party insurance premiums typically change by about 10 to 30 percent each year.
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