Those who are willing to buy new cars and two wheelers will have to pay more for insurance. Three years for cars and two-year bicycles have become law for a third party insurance. The proposal is from the Insurance Regulatory and Development Authority of India.
The law has changed the number of new vehicles without refunding insurance. Third party insurance is an insurance policy that must be followed by all publicly run vehicles. This policy can only contain the disadvantages of others due to auto accident. If you want to cover the damage caused by your own vehicle, you have to take a motor cooperative motor insurance policy.
With the new law, the owner can take a three-way insurance policy. The mandatory third party insurance can take up to three years. Then there will be no protection for own vehicle. Secondly, Third party insurance can take three years of comprehensive insurance coverage for one year. This policy can be refreshed once a year. The third approach is to take the Third Party Insurance and Comprehensive Policy together for three years. Do not pay premium for three years.