New vehicle buyers will have to pay reduced on-road price from Augus IST In June, the Insurance Regulatory and Development Authority of India (IRDAI) directed insurance companies to stop selling long-term vehicle insurance package policies to new vehicle owners from 1 August 2020. Key Highlights: Companies can't sell long-term vehicle insurance package policies The new rule comes into effect from 1 August 2020 Third-party insurance continues to be mandatory As we inch closer to August, we want to take a moment to remind you that vehicles will get cheaper starting next month. Why? Well, because the Insurance Regulatory and Development Authority of India (IRDAI) issued a new order in June wherein insurance companies were ordered to stop selling long-term vehicle insurance package policies to new vehicle owners. The new rule, which comes into effect from 1 August, 2020, will effectively reduce the on-road price of new cars and two-wheelers.
