Good News: Now you have to spend less for new car and motorcycle insurance

There is good news for those buying a new car or motorcycle. If you also want to buy a new car or motorcycle, after 1 August, you will have to spend less money on auto insurance. The Insurance Regulatory Development Authority of India (IRDAI) is going to change the rules related to ‘Motor Third Party’ and ‘On Third Damage Insurance’. According to the instructions of IRDAI, since then, new car buyers will not be forced to take insurance of the car for 3 and 5 years. The company has decided to withdraw the package cover. After the new rules are implemented, it will have a direct impact on those who are going to buy a new car after August 1.

Buying a car and bike will be cheaper
Changing motor vehicle insurance may make buying a new car or bike a little cheaper from next month. This will benefit millions of people in the Corona period. Irda said that buying a new vehicle proves to be expensive for the people due to the long term package policy.