Car Insurance Mandatory For 3 Years

India is one of the fastest growing automobile markets in the world and it is mandatory that all new cars bikes must take insurance for first year at the time of purchase. Third party insurance for two wheelers and four wheelers was always mandatory. New delhi july 21.

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Car insurance policy now for 3 years.

Car insurance mandatory for 3 years - For two wheelers the required term could be up to. For bikes with an engine capacity beyond 350 cc the buyer must pay rs 13 024 against rs 2 323 currently. Effectively means 1 year own damage cover and three year of third party cover.

What s more the good news doesn t end here. Insurance premiums can vary across models. But from september 2018 onward all new two wheeler and four wheeler customers will have to shell out more money and have to pay third party insurance premium for 3 years for cars and for 5 years for two wheelers.

The premium rates for a 3 year. The government has only made 3 years third party insurance on brand new vehicles mandatory. While the third party tp insurance cover continues to be a mandatory cover from september 1 2019 these 3 options will be available to the car and bike policyholders.

You will also need to pay less for the premium amount than ever before if this plan comes through. From september 1 onwards customers need to buy 3 year third party insurance for cars at the time of purchase and 5 years for bikes. Those purchasing four wheelers and two wheelers from september 1 2018 onwards will have to cough up three and five years premium respectively for third party insurance upfront.

No changes in insurance of existing vehicles means old. Now pay more for car and bike insurance from september 1 2018 as the insurance regulatory and development authority of india has made long term third party insurance policy mandatory. You can still buy only 1 year full insurance on your brand new vehicle.

3 5 year term may be made mandatory for motor insurance. Multi year long term. You may have to buy a mandatory three year motor third party insurance for your car.

Third party insurance covers for new cars and two wheelers have been mandatory for at least 3 years and 5 years respectively. Insurance regulatory body in india irda may soon increase the vehicle insurance period to once every five years instead of every year as per the prevailing requisite. On july 20 the supreme court ordered that third party insurance cover for new cars be for a period of three years and five years for two wheelers.

The supreme court committee on road safety has asked insurance regulator to offer a mandatory three year policy for cars apart from a five year policy for motorbikes at the time of sale and registration reported the times of india the panel has recommended the new insurance shuffles for cars and motorbikes in view of unsatisfactory third party insurance offered to vehicles.