Owning a car or bike has become costlier than before. This is thanks to the increase in insurance cost over the past year.
The Insurance Regulatory and Development Authority of India (Irdai) has introduced two new sets of rules where the total outflow towards insurance has gone up. Sample this: The first year insurance cost for a car of capacity of over 1500 cc, say a Hyundai Creta, has gone up from about Rs 23,897 to nearly Rs 45,804 or even higher - an increase of Rs 21,907.
