Good news for new vehicle buyes

 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. 



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