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Long Term Car Insurance: A Good Move?

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.

What does the government hope to achieve?

Ensure that third-party liabilities are paid for

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.

Remove the concern of ‘Insured vs. Uninsured'

Long-term insurance policies will help reduce, and gradually resolve the issue of car insurance getting lapsed each year.

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Is Long Term Third Party Insurance
a good move?

 
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