National

Cars, bikes become more expensive

NEW DELHI, SEP 2 (AGENCIES) | Publish Date: 9/2/2018 1:14:13 PM IST

Buying a car or two-wheeler has become expensive from September 1 as long-term third-party insurance policy has been made mandatory by IRDAI following a Supreme Court order. The three-year third-party insurance (TP) will cost Rs 5286 for cars with engine capacity of less than 1000cc, Rs 9534 for cars with engine capacity from 1000cc to 1500cc and Rs 24305 for cars with engine capacity of 1500cc and above.

In case of two-wheelers, the five year-TP insurance will cost Rs 1045 for vehicles with engine capacity below 75cc, Rs 3285 for engine capacity between 75cc and 150cc, Rs 5453 for 150cc to 350cc and Rs 13034 for vehicles with engine capacity exceeding 350cc. As regards the comprehensive insurance, which covers theft and damage among others, the vehicle buyer would have the option to buy it for one year or three years in case of cars and five years in case two-wheelers. As per the court order, it is mandatory for all general insurance companies to issue a three-year TP cover for new cars and five-year TP cover for new two-wheelers as a separate product or as part of a comprehensive insurance product.

 

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