Motorcycles can now be insured for three years, instead of one
Two wheeler owners will now be saved of the yearly hassle of getting insurance cover thanks to a new law passed by Insurance Regulatory and Development Authority (IRDA). This new dictate now allows for a three year version of the third party liability cover.
Three year policy will not only reduce costs of issuing of policies but could also take care of the yearly hassle of renewal while leading to lower premiums as insurers could share in cost savings benefits from Insurance companies.
Motor law in the country makes third party insurance mandatory as it covers the liability of a third party in the event of an accident. IRDA has devised that the total premium for third party insurance will be thrice the annual premium while this cannot be revised during the three year period under any circumstances. All other terms and conditions applicable as on date for one year insurance will be carried forward for the three year insurance term.
via Times of India
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