It was announced in a notification that was published by the Ministry of Road Transport and Highways that beginning on June 1, there would be an increase in the costs of automobiles on the Indian market. Instead of coming from the Insurance Regulatory and Development Authority of India, the notification originated from the government (IRDAI). The costs for third-party insurance will increase up across the board for all vehicle classifications, right along with the sticker prices of new automobiles. The rising costs of automobiles will add to the difficulties that original equipment manufacturers (OEMs) in India are already facing, which include a chip crunch and a shortage of raw materials.
A 15 percent premium increase is going to be implemented across the board for motorcycles sold in the Indian market. However, the price increase only applies to motorcycles with engines larger than 150 cc that are sold in the Indian market. This includes models such as the Bajaj Pulsar, KTM RC 390, Royal Enfield Bullet, and many others in the same category.
A new two-wheeler purchased in India will need the buyer to pay an insurance premium that is 17% higher than it was previously. This will make life more difficult for the country’s middle class. This increase, when coupled with the recent price increases implemented by manufacturers, would make life much more difficult for individuals.
Moving on, the third-party insurance price for private cars with a displacement between 1000 and 1500 cubic centimetres will increase by 6%. People will have an even harder time when this rise is added to the recent price increases that manufacturers have implemented.
In addition to this, the third party insurance rate for a brand-new private car will go up by 23 percent for any and all vehicles that have engines that are up to 1000 cc. In addition to this, third party insurance costs for brand-new automobiles with engines ranging from 1000 to 1500 cc would go up by 11%.
Due to a lack of available raw materials, a number of the world’s most significant original equipment manufacturers (OEMs), including Maruti Suzuki, Toyota, Mahindra, and Tata, raised the costs of their respective model lines at the beginning of the year. Additionally, during the first three months of this year, there was an increase in the cost of a two-wheeler in the Indian market.
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