A recent IRDAI notice makes third party insurance mandatory for a period of 5 years on two wheelers which will result in higher prices from 1st September 2018. Bajaj Auto Limited has announced that all dealerships will remain open till 11 pm on August 30th and 31st for those buyers seeking to make purchases at current prices and the company is offering free insurance for 1 year to those buying the Platina, Discover, Pulsar 150, NS 160 or V range of motorcycles.
Buyers of the Bajaj CR 100, Platina, Discover, V and Pulsar can also avail benefits of two years of free service and five year warranty package at no extra cost.
Bajaj Auto is offering these special schemes ahead of the date set by the Supreme Court that all two wheelers should come in with a 5 year third party insurance cover. The IRDAI has confirmed that prices of motorcycles will go up by a minimum of INR 3,000.
Bajaj Auto is the first bikemaker to announce price hikes on the on-road prices from 1st September. Purchases made after 1st September will see prices of the Bajaj Platina, which is currently priced at Rs 53,338, go up by 9% with the new 5 year insurance cover.
Prices of the NS 160 will rise by Rs 8,000, a hike of 8.6% over its current price of Rs 92,978 due to higher insurance costs. Other bike makers such as Honda, Hero MotoCorp, Royal Enfield and TVS Motors are yet to make such announcements.
The price hike will only apply to new motorcycles and scooters purchased after 1st September 2018 while IRDAI has not offered any details on how this would affect vehicles currently plying on the roads.