As per the recent judgement by the Supreme Court, the IRDAI has made it mandatory for all new car buyers to have three-year, long-term third party insurance for their cars. This mandate has come into effect from September 1, 2018.
This has been done to reduce the number of cars that ply on Indian roads, with out any third party insurance cover. Because of this, those on the receiving end of accidents (third-party) id not get their due compensation. Making long term third party insurance mandatory will help a lot to address that.
Long-term insurance policies will help reduce, and gradually resolve the issue of car insurance getting lapsed each year.
Is Long Term Third Party Insurance
a good move?
Green mobility has already taken centre stage in the automotive sphere all across the globe. Struggling with rising pollution levels, India too has been pushing forward with green mobility. Moreover, to encourage higher adoption of greener vehicles, the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India i.e. FAME – India scheme has been introduced.
If you’ve had to face a scenario where you forgot your driving documents like DL (Driving Licence), RC (Registration Certificate), PUC (Pollution under Control document), etc., or an instance where your driving documents saved on mobile were not accepted by the traffic police, then this development will come as a welcome respite for you.
With pollution at an all-time high, there is no doubt that conserving the environment is the need of the hour...
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