Bike, moped and scooter prices are about to increase by up to 15% this December. This is because now two-wheeler manufacturers have to introduce engines that are compliant with the Bharat Stage VI (BS-VI) standards. The 100cc scooters will see a price hike of up to INR 4,000, while the more advanced models will be priced even higher.
As per the directions of the Supreme Court, manufacturers must upgrade from BS-IV compliant engines by March 31, 2020.
About BS-VI compliant engines
Bharat Stage (BS) is the emission regulation standards decided by the Indian regulatory authorities. The BS-VI is the sixth stage of the regulation, which is a very strict stage. The two-wheeler engines that meet these regulations cost higher. Hence, it will increase the scooter prices. However, we need to pay this price to enjoy a cleaner environment. The BS-VI follows the European emission regulations, which are followed by all global automobile manufacturers.
Indian manufacturers have been given time until the end of March 2020 to sell off their stock of vehicles with engines that do not comply with the new standards. Due to the hike in the prices of two-wheelers, you will have to pay a higher amount to secure your dream vehicle. Given this, you certainly do not want your new scooter to get damaged, resulting in you paying a hefty cost in repairs. This is why you need to purchase a bike insurance plan to cover the expenses.
How a bike insurance policy can help you
The Indian Motor Vehicles Act, 1988 makes it mandatory for all bike owners to buy third-party liability insurance. A third-party insurance policy will cover the expenses in case of damages to a third-party property due to any accident with your insured bike. However, it does not cover the cost of repairing any damages to your own bike. You need a comprehensive insurance policy for this.
Even though a comprehensive insurance cover is not mandatory, it is important to provide your bike with complete protection.
What does comprehensive insurance cover?
Comprehensive insurance cover includes:
- Third-party liabilities
- Damages and complete loss of the bike due to manmade or natural disasters
- Theft of the vehicle
- Personal accident
- Repairing and replacement of the parts
If you are looking to purchase a bike after the scooter prices have increased, get in touch with us, and opt for Bajaj Allianz two wheeler insurance plan for BS-VI compliant two-wheeler. We offer insurance for up to three years with facilities like hassle-free claims and no hidden charges. Moreover, you can conveniently transfer up to 50% of your existing No-Claim Bonus to us without any hassles.
Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition–Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we works towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.