NEW DELHI: Insurance Regulatory and Development Authority of India (IRDAI<\/a>) issued a notice on long-term insurance package policies, which is likely to bring down the on-road price of the cars from August. NEW DELHI: Insurance Regulatory and Development Authority of India (IRDAI<\/a>) issued a notice on long-term insurance package policies, which is likely to bring down the on-road price of the cars from August. A customer can get a bundle of the insurances-a mix of third-party insurance, self-damage, or simply buy stand-alone own-damage vehicle insurance. TIMESOFINDIA.COM | Updated: Jul 28, 2020, 13:30 IST NEW DELHI: Insurance Regulatory and Development Authority of India (IRDAI) issued a…<\/p>\n","protected":false},"author":1,"featured_media":82,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,5],"tags":[],"class_list":["post-175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/vahanmaster.com\/index.php?rest_route=\/wp\/v2\/posts\/175"}],"collection":[{"href":"https:\/\/vahanmaster.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vahanmaster.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vahanmaster.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vahanmaster.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=175"}],"version-history":[{"count":2,"href":"https:\/\/vahanmaster.com\/index.php?rest_route=\/wp\/v2\/posts\/175\/revisions"}],"predecessor-version":[{"id":347,"href":"https:\/\/vahanmaster.com\/index.php?rest_route=\/wp\/v2\/posts\/175\/revisions\/347"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vahanmaster.com\/index.php?rest_route=\/wp\/v2\/media\/82"}],"wp:attachment":[{"href":"https:\/\/vahanmaster.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vahanmaster.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vahanmaster.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
The notice orders insurance companies to stop selling long-term vehicle insurance<\/a> package policies to new vehicle owners. The new rule, which comes into effect from August 1, will effectively reduce the on-road price of new cars and two-wheelers.
From August 1 onwards, instead of previous three\/five years insurance, the customer will now have to have to compulsorily third-party insurance, for longer terms.
For car buyers<\/a>, a third-party car insurance policy for three years has been made compulsory, while for new two-wheeler buyers<\/a>, a five-year third-party two-wheeler insurance policy has been made mandatory.<\/p>\n\n\n\n![\"\"\/](\"https:\/\/static.toiimg.com\/thumb\/msid-77213019,imgsize-112528,width-400,resizemode-4\/77213019.jpg\")
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The notice orders insurance companies to stop selling long-term vehicle insurance<\/a> package policies to new vehicle owners. The new rule, which comes into effect from August 1, will effectively reduce the on-road price of new cars and two-wheelers.
From August 1 onwards, instead of previous three\/five years insurance, the customer will now have to have to compulsorily third-party insurance, for longer terms.
For car buyers<\/a>, a third-party car insurance policy for three years has been made compulsory, while for new two-wheeler buyers<\/a>, a five-year third-party two-wheeler insurance policy has been made mandatory.<\/p>\n\n\n\n
The notice is likely to add wind to the sail, as carmakers have been urging for policies and reliefs to spur demand.<\/p>\n","protected":false},"excerpt":{"rendered":"