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If you are thinking of buying a car or bike next month, then it can be a bit heavy on the pocket. The reason for this is an important decision of the court. In fact, after a decision of the Madras High Court, from September 1, you may have to pay more for the down payment if you buy a new vehicle.
In fact, the Madras High Court has given a verdict in the past, according to which ‘bumper-to-bumper’ insurance will be mandatory on the sale of a new vehicle from September 1. That is, this rule will be applicable from September 1.
According to the judgment of the Madras High Court, from September 1, ‘bumper to bumper’ insurance should be mandatory for every five years, apart from covering the driver, passengers, and vehicle owner. That is, the insurance will be added separately for 5 years after covering the driver, rider passengers, and vehicle owner.
The court says that this new rule will not put unnecessary pressure on the owner of the vehicle. However, at present, there will be a ‘bumper-to-bumper’ insurance period of 5 years. The court has given this decision in a petition filed by New India Assurance Company Limited.
After the implementation of this rule, ‘bumper to bumper’ insurance will be necessary for 5 years on the purchase of new vehicles, that is, the customer will also have to take an on damage policy of insurance while buying the vehicle. For this premium will have to be paid more.
After this decision, the cost of insurance on the new vehicle will increase further for 5 years. Because according to the rules, third-party insurance on a new vehicle is necessary for 3 years for a four-wheeler and 2 years for a two-wheeler.
‘Bumper to bumper’ is a type of car insurance, which gives complete coverage to the vehicle. The coverage under this policy will be complete irrespective of the depreciation. If a customer makes a claim, the insurance company cannot deduct the depreciation, which means 100% of the claim will be available. Not only this, for replacement of parts after an accident, the insurance company will have to pay in full.