(Deepshikha Gautam, Intern Journalist) From 1 august 2020, you will now have to pay a slightly lower price if you buy a new car or a two-wheeler. The on-road price of new vehicles will see a slight reduction as the result of the insurance regulator and the authority bringing back its long term insurance package plans. The rule mandating long term motor vehicle insurance for 3 or 5 years has been scrapped and the industry has now essentially reverted to 1 year on damage Insurance cover.
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