Why will cars, bikes become more expensive from today?
Buying a car or two-wheeler is set to become costlier from September 1 as long-term third-party insurance policy has been made mandatory by IRDAI following a Supreme Court order. All general insurance companies must issue a three-year third-party insurance cover for new cars and a five-year cover for new two-wheelers. Third-party insurance is mandatory as per the Motor Vehicles Act.