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Two-wheeler buyers have to pay nearly 10% of the vehicle’s price upfront towards insurance premium, while car-buyers are seeing the cost of motor cover double from last month. The premiums have jumped up significantly thanks to two court orders: The first makes purchase of a long-term, third-party insurance cover mandatory, while the second forces vehicle owners to buy a Rs 15-lakh personal accident cover, which is priced exorbitantly by insurers.
Two-wheeler buyers have to pay nearly 10% of the vehicle’s price upfront towards insurance premium, while car-buyers are seeing the cost of motor cover double from last month. The premiums have jumped up significantly thanks to two court orders: The first makes purchase of a long-term, third-party insurance cover mandatory, while the second forces vehicle owners to buy a Rs 15-lakh personal accident cover, which is priced exorbitantly by insurers.
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