- Under 1000cc - 2.9x
- Between 1000cc-1500cc - 3.3x
- Above 1500cc - 3.1x
IRDA Makes 3-Year Third Party Insurance Mandatory for New Cars
Published: Thursday, 30 August 2018 0:00 AM | By Maxabout News | 439 Views
September 1 will mark another historic change in on-road pricing calculations for brand new cars in India. The insurance regulatory and development authority of India (IRDA) has made it mandatory for companies to bundle a minimum three-year third party insurance plan with the purchase of a new car. The tenure will not change on request of the buyers or will of the dealerships selling a particular product.
[caption id="attachment_197312" align="aligncenter" width="800"] IRDA Makes 3-Year Third Party Insurance Mandatory for New Cars[/caption]
However, buyers are free to choose any insurance plan that follows the minimum cover period and offer even additional protection to the vehicle or the owner. Overall, the buyer pays a huge premium over what they actually paid with the one-year policy. Here is an overview of how many times you need to pay, based on your car’s engine size. Also, these values are effective on brand new products.
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