Good news! Buying a new car or two-wheeler has become cheaper from today; know details

Are you planning to buy a new car or two-wheeler? If you are planning, then here is a good news If you are thinking of buying a new car or two-wheeler from today, then you will have to pay a lower price on it than before. In fact, the mandatory long-term insurance (Mandatory Long-Term Insurance) plan on a new car or two-wheeler has been withdrawn from today (August 1). The Insurance Regulatory and Development Authority of India (IRDAI) has decided to withdraw the mandatory long term package cover. The ‘Motor Third Party’ and ‘On Damage Insurance’ for the new car were for 3 years on the new car and 5 years on two-wheelers.

In such a situation, if someone buys a new four-wheeler or two-wheeler, then the first year’s insurance expenses will be reduced for them. In this way the total cost of buying a new vehicle will also be reduced.

By not buying a long term policy, it will also be easier to switch ‘Motor Own Damage’ to another insurance company. However, the features and coverage of both types of policy will be the same as before. No changes have been made in this.

Two years ago the Supreme Court directed to make compulsory: In August 2018, the Supreme Court had directed that long-term insurance plans should be made mandatory for vehicles. Following this, a directive was issued by IRDAI following the Supreme Court’s directive, in which long term motor TP rules were implemented. It was made mandatory for vehicles implemented from September 1, 2018 onwards.

Ban on registration of BS4 vehicles: Meanwhile, on Friday, the Supreme Court has banned the registration of new BS4 (BSIV) vehicles. In its first hearing, the apex court gave more time to the central government to give information related to the uploading of BS-4 vehicles on the vehicle portal after March 31.

A three-member bench headed by Justice Arun Mishra, taking a strict stand on the plea allowing the sale of vehicles, said, “Why should we pass an order for the withdrawal of such vehicles?” If companies knew about its deadline, then they should take it back. The bench gave the government more time to file the affidavit.

What is the case for the sale of BS-4 vehicles? The Supreme Court had set a deadline of March 31, 2020 for the sale and registration of BS-4 vehicles. In the meantime, there was a public curfew on March 22, while a nationwide lockdown came into force on March 25. Here dealers had a large number of BS-4 two-wheeler and four-wheeler vehicles left for sale. Therefore, the dealers reached the Supreme Court, seeking to increase the deadline for the sale and registration of BS-4 vehicles. On this, the Supreme Court had given permission to the dealers to sell 10 percent BS-4 vehicles.

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