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The Insurance Regulatory and Development Authority (IRDA), the regulatory body for all insurance and re-insurance activities in India, has made it mandatory for all new two-wheeler and passenger vehicles sold from September 1, 2018 to come with a mandatory five-year third-party insurance and a three-year third-party plan, respectively.
The move is in line with the recent decision taken by the Supreme Court. The move is expected to increase prices for two-wheelers and four-wheelers across the country since the cost of insurance is set to double.
For two-wheelers, you may see an increase of around Rs 427 (for 1 year) to Rs 1,045 (for 3 years) on the initial purchase cost for bikes with an engine capacity not exceeding 75cc. Retail prices of some premium two-wheelers (+350cc) and personal vehicles (+1,500cc) will also go up.