From next month, buying cars and bikes will become expensive (car price hike). In fact, the reason why cars and bikes are expensive is the increase in insurance premiums. The Ministry of Road Transport and Highways has issued a notification and announced it. This time the announcement has been made by the Ministry instead of the Insurance Regulatory and Development Authority of India (IRDAI). As per the notification issued, the third-party insurance premiums will be increased in different categories of vehicles.
The insurance premium is going to increase from 6% to 17%. According to the government notification, the premium of insurance on private cars from 1000 to 1500 cc will be increased by 6%. Cars up to 1000 cc will have to pay 23% more in third party insurance (one-time 3 years). Apart from this, third party premium of new private cars of 1000 to 1500 cc will also have to be paid 11% more now. On the other hand, two-wheeler drivers are also not going to get rid of it.
In fact, even if you buy a new two-wheeler, you will have to pay 17% more for the third party premium. With this, the premium on bikes above 150 cc will be increased by 15%. According to the notification, the third-party insurance premium on commercial goods vehicles is being increased marginally. You know that after about 3 years, motor third party insurance is going to increase.