Price Rise Due to In­sur­ance

Bike India - - IGNITION -

THE IN­SUR­ANCE REG­U­LA­TORY AND devel­op­ment au­thor­ity of In­dia (Irda) has made it manda­tory to have a five-year third-party in­sur­ance for mo­tor­cy­cles from 1 Septem­ber 2018. What this means is that the on-road prices of mo­tor­cy­cles have gone up from 1 Septem­ber.

the in­sur­ance pre­mium for new bikes will de­pend on the dis­place­ment (in cu­bic cen­time­tres, that is, cc). Mo­tor­cy­cles be­low 75 cc would en­tail rs 1,045 up­wards, those from 75 cc to 150 cc rs 3,285, and those that are 350cc and above from rs 13,034 up­wards. the reg­u­la­tors have asked in­sur­ers to col­lect the en­tire five-year pre­mium at the time of sale it­self. Fur­ther­more, the pol­icy can­not be can­celled dur­ing the en­tire term ex­cept in the case of dou­ble in­sur­ance or sale of the ve­hi­cle.

the cur­rent one-year cov­er­age was ex­tended to five years fol­low­ing a rul­ing by the Supreme court. the rules stated are for third-party only, so we have to as­sume that the de­tails for own dam­age and com­pre­hen­sive poli­cies re­main un­changed.

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