New cars and bikes are becoming cheaper from August: Good news for car buyers. What if you’re currently getting to buy a car? Because of August 2020, the costs of cars and bikes in India will go down. Because in June, IRDAI issued new guidelines to regulate the progress of insurance companies in India.
The guidelines state that long-term vehicle insurance package policy will not be mandatory from next August. that’s why the on-road price of the latest cars will go down tons. at present, most are getting frustrated with this future vehicle insurance package policy. you’ve got to spend tons of cash together. this is often not the case since August.
New cars and bikes are becoming cheaper from August
At present, the long-term comprehensive policy as 3 years for 4 wheelers, and 5 years for two-wheelers is inevitable. But from Lammas, this rule is going to be completely lifted. As a result, new car buyers will not get to pursue this long-term policy for 3 or five years. As a result, there’s an entire possibility of reducing the worth of the car. but now customers can get 2 options when they buying insurance.
In the first option, the customer has got to buy an alternate to the whole policy. this feature will include your own automobile insurance alongside third-party insurance.
In the second option, customers only got to insurance their own car. However, from now on new car buyers will need to purchase third party motor insurance for his or her car. This insurance must be the future.