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Friday, 24 July 2020

If you are thinking of getting a new car, wait: Since August 1, these rules are changing, more than 10 million people will benefit.


The rules related to car-bike insurance have been changing since August 1st. The Insurance Regulatory and Development Authority of India (IRDA) has issued a notification in this regard. If you are thinking of buying a new car, then wait till August 1. Because you will benefit. Under the new rule, you will get the benefit of large amount of money currently spent on car insurance.

No need to take 3-5 years insurance cover
IRDA stated in a notification that from August 1, 2020, third party and new damage insurance for new vehicles, which have to be taken for 3 to 5 years, will not be required in any way.



This rule was implemented within the year 2018.

Earlier, the IRDA had issued a notification on August 28, 2018, including three years of third-party insurance for brand spanking new cars and five years for third-party insurance for two-wheelers from September 1, 2018. Was. future means five years for a two-wheeler and three years for a four-wheeler. Insurance companies announced plans with long-term packages. It also includes third party and damage cover.



What is on third party cover and damage cover

In the event of an accident, a motor policy gives you two main sorts of cover. Third-party cover and on-demand cover. Under the automobiles Act, any vehicle owner is required to require third party insurance. The insurer is that the first party, the insurer is that the second and therefore the third party is that the one who suffers losses thanks to the insurer. The party claims the loss and therefore the policy covers its loss. Now, IRDA has stated that in sight of the long-term policy performance, it's been decided that such policy won't be binding from 1 August.

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Buying cars and bikes are going to be cheaper

Changes in automobile insurance may make buying new cars and bikes a touch cheaper from next month. this may benefit many people within the Corona period. IRDA said that future package policy makes it expensive for people to shop for a replacement vehicle.

The good news has come and you'll be told here about the changes during this rule and you'll get all the knowledge from here. This information is going to be given to you in a simple way.

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