IRDA mulls 5-year third party insurance for vehicles

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New Delhi The Insurance Regulatory Authority of the Insurance Regulatory Authority has advised companies to develop long-term policies to change the mode of renewal of vehicle insurance year.Third party insurance companies have been asked to pay for five years for two years and three years for cars.(മലയാളത്തിനായി താഴെ ലിങ്കിൽ പോകുക )

Do not know that 60% of the two-wheeled roads are not insured and 30% cars? In case of unfortunate accident, the owner of the insured vehicle can not compensate the victim or his family, so it is very important that at least one third party insurer own for each vehicle owner.

The Supreme Court has recommended that the insurance companies provide an option for cars and two-wheelers for 3 years and 5 years. In this background, IRDA asks the insurers to file these products and gives these options to the customers. Aninkesh Das, the head of the insurance scheme, said the ACO. This is a welcome move. For a car owner, reduces the risk of renewing the policy every year. The customer can buy the policy once and get peace of mind for 3-5 years. In addition, consumers will get insurance flat rates for 3-5 years and save money against inflation. For the last 5 years, if we look at double bicycles for bicycles, the insurance premium for third parties has almost doubled; Cars have increased by 2.5 times. Therefore, choosing a long-term policy will save the customer with this premium increase.

The Insurance Regulatory and Development Authority has recommended long-term policies for towers and forwarders instead of the existing one year policies.Third party policies should be developed for a five year period and two years for four wheelers including car dealers. It has also been asked to come into effect from next April.

The term of third party policies is currently one year. The IRDA estimates that a large number of vehicles are getting down without any insurance cover due to vehicle owners forgetfulness or forgetfulness.There are signs that the long-term policies may also be significantly lower.വാഹന ഇന്‍ഷുറന്‍സ് ഇനി വര്‍ഷാവര്‍ഷം പുതുക്കേണ്ട, പുതിയ നിര്‍ദേശവുമായി IRDA

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