Get Ready To Pay Higher Insurance Premium For A New Two-wheeler

If you aspire to own a new two-wheeler, get ready to pay a bit more moolah as part of the on-road price. Starting 1 September, 2018, buyers of new two-wheelers will have to purchase a five-year insurance cover upfront.

The Supreme Court, on July 20, ordered that third-party insurance cover for a new car be for a three year period, and five years for two-wheelers. The order will apply to all insurance policies sold from 1 September, 2018.

While this may seem like bad news to some, it could save two-wheeler owners the trouble of renewing insurance on a yearly basis and also worry less about vehicle damage.

New Two-Wheeler Insurance
Type	Current Premium (1 year)	Long Term Premium (5 year)	Multiplier
Below 75cc	Rs 427	Rs 1045	2.45
75cc - 150cc	Rs 720	Rs 3285	4.56
Above 350cc	Rs 2323	Rs 13,034	5.61

Since the cost of insurance is expected to almost double. Bajaj Auto has urged customers to avail of its offer on or before 31 August, 2018. The offer includes one-year free insurance for customers buying a Platina, Discover, Pulsar 150, Pulsar NS 160 or the V range of motorcycles. Bajaj Auto says customers purchasing these bikes before 1 September, 2018 would effectively have a reduced outgo of approximately Rs 4,800 on a Platina and around Rs 8,000 on the Pulsar NS160 on account of the insurance cost.

The company says the offer will not be available from 1 September, 2018 onwards. Additionally, customers availing the offer before the new policy kicks in will also benefit from special offers, including two years of free service for the CT100, Platina, Discover, V and Pulsar range.

In addition to the above offers, those buying any new motorcycle from the company during this period will also get a five-year warranty package at no extra cost. To enable customers to take advantage of the offer, the company says its dealerships will remain open till 11pm on August 30 and 31.

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