The long-term (thre-year and five-year) third-party insurance package for four-wheelers and two-wheelers has been withdrawn.
Insurance regulator IRDAI has withdrawn the long-term (three-year and five-year) package policies of third-party (TP) motor insurance for two-wheelers and four-wheelers. This package used to offer multi-year TP insurance as well as own-damage (OD) cover.
This means that a package product of three-years/five years with own damage cover and third party cover won't be sold. Only the mandatory five-year bike insurance and three-year car insurance product will be sold.
Hence, new vehicle owners only need to purchase the mandatory long-term motor third party product. This is a product that protects vehicle owners against liabilities related o
This is a developing story. Please check back for updates.
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First Published on Jun 9, 2020 06:07 pm
