Purchasing a vehicle will be more expensive as of June 1, 2022, because third-party insurance will be more expensive. The premiums of third party insurance will go up from 1 June.
Instead of the insurance watchdog, the Insurance and Regulatory Development Authority of India, a notification was issued by the transport department under the Ministry of Road Transport and Highways (IRDAI).
For two-wheeler bikes over 150 cc, the insurance premium is expected to rise by 15 per cent.
For cars with the engine capacity between 1000 cc and 1500 cc, premiums are expected to grow by 6 per cent.
The new private car owner will have to pay 23 per cent more premium for a car of 1000 cc if a lump sum amount is paid for a three year period.
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