You Should Know About Multi-Years Motor Insurance
order of the Supreme Court, the Insurance Regulatory and Development Authority of India (IRDAI) has mandated for all the general insurance providers of India like National Car Insurance Company to offer multi-year third-party insurance to the vehicles that are sold after September 1st of 2018. This is one of the greatest moves of the insurance industry as it will provide long-term insurance coverage to the vehicles, cut-down the count of non-insured cars and bikes on the Indian roads, and save the customers from the hassle of yearly insurance renewals.
Rather than offering single year third-party insurance policy, the insurance providers will have to offer three years insurance coverage to the cars and five years insurance plan to the two-wheelers.
vehicle insurance rule given by the Supreme Court of India.
- Option one: You can buy only a third-party liability insurance policy for three-years.
- Option two: You can purchase a comprehensive insurance plan for three years, which will be very expensive and not recommended.
- Option three: You can purchase comprehensive insurance policy for one year with three years third-party liability insurance. This is one of the most recommended options.
Benefits of Multi-Year Third-Party Vehicle Insurance
- Beat the Price Hike on Third-Party Insurance
- No-Need to Rush for the Insurance Renewal Every Year
- Lesser Uninsured Cars/ Two-Wheelers on Indian Roads
- You Can Easily Port Your Insurance Provider
Why Multi-Year Third-Party Insurance?
- A multi-year insurance plan ensures you that you are protected for a long term without any complications.
- A third-party insurance policy for vehicles offers cover for damages and losses caused to the life or property of any third-party because of the vehicle that you own.
- A third-party insurance policy for multiple years is more affordable and cheaper than purchasing the same plan every year.
Third-party insurance cover for giving you financial protection against any accidental expenses occurred to third-party, The premiums of the comprehensive plans depend on various factors such as make and model of your car, safety devices installed in your vehicle,