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Aug 13, 2014
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Freedom from annual motor insurance renewal as 3-year policy gets green signal
Two-wheeler owners can now take third-party motor insurance policy for three years as the Insurance Regulatory and Development Authority has allowed insurers to issue such long-term policies. Currently, motor insurance policies for private cars and two wheelers in India are annually renewed.A motor insurance policy covers one’s own and third-party damage to property or life. Vehicle owners have the option of choosing between a standalone (third-party), which is compulsory by law, and a comprehensive cover.
Source -
http://www.thehindubusinessline.com
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