New Third Party Motor Insurance Rule Effective If you are planning to buy your dream car or bike, then get ready to pay more.
Planning for a new car or bike? The insurance policy will now have to pay more for you.From September 1, you will be required to pay a portion of your mortgage insurance premium (due to a third party liability) three years before you enter the first year. For bicycles, premium for a 5th third party liability is to be paid in advance. According to the Insurance Regulatory and Development Authority of India (IRDA), such multiple years or long term policies have been bought or bought by the bike.
As they speed up vehicles and age limits, many owners may avoid announcing annuity or buying risk-free policies. The project continues to improve investment in the wholesale and retail sectors. Sanjay Dutta, chairman of the ICICI Lombard’s General Insurance Undersee said, “Most vehicles will be covered. Insured person will be questioned by the insured. The insurance cover of third party vehicles will be larger. ”
The Indian government report (Road Accidents in India 2010) are daily with 1,374 accidents and 400 in road accidents. There is no legal limit on the insurance claims. Where cases are placed where the accident occurred or where the claimant or the resident of the accused are present.
The amount of insurance coverage is limited if there are false liability claims. The Insurance Regulator Insurance Regulator has asked them to apply their own underwriting guidelines and deliver long-term products from September 1. Insurers have a long-term package cover – a ‘own-fault’, ‘third’ – or a year and a year in the long run, due to auto damage.