Since today, the insurance policy for cars and two-wheelers has changed across the country, due to which buying vehicles has become cheaper than before. In fact, IRDAI (Insurance Development and Regulatory Authority of India) has changed the Motor Third Party and On Damage Insurance from today. According to IRDA instructions, it will no longer be compulsory for customers to get 3 years on car purchases and 5 years on third party cover on purchase of two-wheelers. IRDA has now withdrawn the package cover on the vehicles. That is, this new rule has come into force all over the country from today.
So the rules changed
In June, IRDA withdrew the On-Damage and Long Term Package Third Party Insurance policy on vehicles. IRDA said that due to this, prices were getting expensive, due to which customers were having trouble in buying vehicles.
Buying a vehicle will be cheaper
After the change in the insurance policy, it will be cheaper to buy vehicles from today.Â
What is motor third party insurance?Â
- The owner of the car is the first party.Â
- There is another side driving the car.Â
- The victim is a third party during the accident.Â
What is an damage cover?Â
When did the rule come into force?
