Summary:
“Even if there was a certain surge in buying vehicles before August 31, we expect the sales to dip in the future for all automobile manufacturers due to cost escalation,” said Devkar. In such incidents, the insurance company pays the claim to the third party. “We registered nearly 2,000 two-wheelers and 200 four-wheelers at the month end. AURANGABAD: The number of vehicles registering with the Regional Transport office ( RTO ), Aurangabad shot up 10 times before the new vehicle insurance scheme came into being in September.On any given day, the RTO office registers 10-20 two-wheelers and around 150-200 four wheelers.Assistant regional transport officer Shrikrishna Nakate confirmed that vehicle registration had shot up almost 10 times during August end. I was flooded with messages, advising me to purchase before August 31 owing to the increase in the overall prices of vehicles,” said Diksha Lohe, a college faculty.Acting on the directives of the Supreme Court, the Insurance Regulatory and Development Authority of India has made it obligatory for buyers to purchase at least three years of third-party insurance for four-wheelers and at least five years of third-party insurance for two-wheelers.The third party insurance is a cover against liabilities if the vehicle meets with an accident that results in injuries or death to a third party..