In case you are thinking of getting yourself a brand new car or bike, you might want to rethink the decision.
Yes, you heard it right! Buying a car or two-wheeler is set to become expensive from September 1 onwards as long-term third-party insurance policy has been made mandatory by the Insurance Regulatory and Development Authority (IRDAI) following a Supreme Court order. The three-year third-party insurance will cost ₹5,286 for cars with engine capacity of less than 1,000 cc, ₹9,534 (1,000 - 1,500 cc) and ₹24,305 for cars with engine capacity of 1,500 cc and more, as per a report by PTI.
For two-wheelers, the five year-third party insurance will cost ₹1,045 for vehicles with engine capacity below 75 cc, ₹3,285 (75-150 cc), ₹5,453 (150-350 cc) and ₹13,034 (exceeding 350 cc), says the same report.