Insurance Regulatory and Development Authority { IRDA } has made five year third party insurance mandatory as against the current coverage for one year. This will increase the on road prices of the two wheelers by at least Rs 3,000. The IRDA has taken this step following a direction from the Supreme Court appointed committee on road safety. The third party insurance cover for two wheelers should be for a period of five years. The panel had asked the insurance regulator to offer mandatory long term policy for cars and two wheelers at the time of sale and registration because the poor compliance of third party insurance of vehicles are posing all the road users at risk.

This step taken by the IRDA will help the government to persuade the regulator to make such long term policies mandatory for insurance companies. The regulator has said, “Such policies will help both the policy holder and insurers. The policy holders will benefit in the form of reduced insurance premium as more vehicles will be brought under the Third Party insurance coverage and it will also help them avoid the hassle of renewing the policy every year. Moreover, they will have some stability in rates for the defined period.”

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IRDA Makes Five Years Third Party Insurance Mandatory For Two-wheeler
IRDA Makes Five Years Third Party Insurance Mandatory For Two-wheeler

Bajaj Auto is making an attempt to attract the customers there by urging its potential customers to avail the hat – trick offer on or before 31st August, 2018. The automaker has confirmed that this hat – trick offer won’t be available from 1st September, 2018. Therefore to enable the buyers avail this hat – trick offer, the Bajaj Auto dealerships will remain open till 11 pm on 30th and 31st August.

The main benefit of this hat – trick offer is one year free insurance for customers who will buy the Bajaj Discover, the Bajaj Pulsar 150, Bajaj Platina and Bajaj Pulsar NS 160 or V range of bikes. The other benefits of this hat – trick offer includes two years of free service for the customers of Discover, Platina, V, Pulsar and CT100 and the customers of any model of Bajaj will get the five warranty package at no extra cost. The buyers of Bajaj Platina and Bajaj Pulsar NS before 1st September, 2018 will get a discount of Rs 4800 and Rs 8000 respectively.

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