Price Rise Due to Insurance
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.