Buying a two-wheeler or four-wheeler is not an easy task as it cost your pocket heavily but from tomorrow it will be more painful to buy a car or motorbike as the insurance Regulatory authority has made it mandatory to buy the long-term third party insurance.
The Insurance Regulatory and Development Authority (IRDAI) has made it compulsory to have a third party insurance now followed by the order from the Supreme Court.
As per the new guidelines, in case of three year third party insurance- Rs 5,286 is assigned for the vehicles of the engine capacity of less than 1000 cc, Rs 9,534 for vehicle between 1,000cc- 1,500cc and Rs 2,305 for engine capacity of 1,500 and more.
For the five-year third party insurance, Rs 1,045 will cost you for the engine capacity of below 75cc, Rs 3,285 for engine capacity between 75-150cc and Rs 5,453 for 150-350cc and Rs 13,034 for engine capacity exceeding 350cc.
The vehicle buyers have the option to buy the third party insurance for either one or three years for cars and five years for the two-wheelers buyers.
As per the new guidelines by the IRDAI, it will mandatory to issue a three-year third party insurance for the new car buyers while for the new two-wheelers, a five year third party insurance is necessary to be avail.
The new issue release by the IRDAI clearly mention that general insurance should “offer only three-year Motor Third Party Insurance cover for new cars and five-year motor third party insurance policies for new two-wheelers”.