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IRDA launches long-term insurance for 2-wheelers

According to IRDA, the total premium charged for the third-party coverage would be thrice the annual premium for two-wheelers as decided by the regulator

August 13, 2014 11:32 IST | India Infoline News Service
The Insurance Regulatory and Development Authority (Irda) has introduced long-term motor third-party insurance policy with a three-year term. This means, two-wheeler owners don’t need to renew their motor insurance every year.
Third-party insurance covers the liability a third party by a vehicle owner during an accident. Third-party motor insurance is mandatory in India.
According to IRDA, the total premium charged for the third-party coverage would be thrice the annual premium for two-wheelers as decided by the regulator.
Motor third-party premium is regulated by IRDA, who brings out revised rates for these policies every year, based on the claims experience.

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