Is 3 year car insurance compulsory for New Years?

Is 3 year car insurance mandatory for new cars?

If you are ready to buy a new car or a bike, it is advisable to purchase a comprehensive policy that includes an own damage cover for one year and the three-year compulsory third-party cover. The third-party insurance policy premium is uniform across all insurance companies as the IRDA fixes it.

Is third party insurance mandatory for 3 years?

Third party insurance is mandatory under the motor insurance law for covering liability of third party. Insurers believe the 3 year tenure will subsequently decreases the cost like issuing policies, administering them and follow-ups for renewals.

Is insurance compulsory for new cars?

In India, and all over the world, getting your car insured is a compulsory by law, not an option. The Motor Vehicle Act of 1988 makes it mandatory for all vehicle to be covered under an appropriate insurance policy before they can ply on the road.

Can I buy 3 years comprehensive insurance?

Since the third party policy are of duration for 3 years after the Supreme court directive on September 1, 2018, Long term comprehensive policy can be bought as a combo either ( 1 year own damage and 3 years third party) or as combo of (3 years own damage and 3 years third party).

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Can I insure my car for 2 years?

Types of Multi-Year Car Insurance Policy

Option 2- Long-Term Comprehensive Cover: You can purchase a comprehensive plan for a period of 3 years, along with a compulsory third party cover for the same period of time.

What should a car do after 15 years?

As per the norm, cars that are older than 15 years cannot be used. Though they can be transferred to a new state for re-registration, it is a hassle. Instead, one can scrap the car.

Is car insurance mandatory for 5 years?

Bumper-to-bumper insurance including coverage for the driver, passengers and owner of the vehicle should be mandatory for 5 years. The rule will apply to new vehicles sold from September 1.

Do we need to renew car insurance every year?

Most car insurance policies are renewed once in every 6 months or in a year. You must renew your car policy within one year after buying it. … There is no grace period in case of a car insurance policy. You must pay it immediately to avoid the cancellation or expiry of your car policy.

Is it mandatory to buy third party insurance?

As per the Motor Vehicles Act of 1988, a third-party insurance cover is mandatory for anyone who owns or drives a motor vehicle in India. … Therefore, by buying third-party insurance for your car, you comply with the legal obligation and can drive on the road without worrying.

Is it compulsory to have comprehensive insurance?

Every certified vehicle has to be covered by CTP insurance, whereas comprehensive car insurance is optional. CTP insurance only protects you from the personal injury liability that might arise if you injure anyone involved in an accident you caused.

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