Know why it’s important for you to insure your vehicle
Wednesday - September 19, 2018 11:24 am ,
Category : WTN SPECIAL
Diving without third party insurance is unlawful
After the Supreme Court order, long-term third-party insurance become mandatory for vehicles
SEP 19 (SEP) - Today we describe you why it is important for you to insure your vehicle. First of all, we tell you for your information that third party insurance is necessary, three years for four wheeler and five years for bike from 01, September 2018. A lot of people want to know why the compulsions of three and five years have been kept instead of one. So let you know that there are many reasons behind this, one of the most important reasons is your advantage. After all, what is your advantage? And why it has been extended for three years and five years, let's tell you.
For your information, let you know that in an order, the Supreme Court make it mandatory for all general insurers to provide long-term third-party insurance for new vehicles sold on and after September first. That is, if you buy a four wheeler, you will have to pay the third-party liability motor insurance premium for three years. In case of two wheelers, the premium liability will be paid for five years.
According to the rules, vehicles are not allowed to run on the road in India without third-party insurance. For your information, let you know that if due to your third party insured vehicle, there is any accident in which there is damage of third party vehicle and their property so then you will get cover.
After the Supreme Court order, the vehicles will be sure to get long-term cover. By doing this, the vehicle owners will get rid of renewal of insurance every year and there will be a significant reduction in the number of vehicles running without insurance.
For your information, let you know that the vehicle insurance has two parts. First one is third-party and second one is the own damages (loss of self). No changes have been implemented in the premium for own-damage component. At the same time, the premium for third-party component has been determined by IRDA, which will be the same for three to five years.
As you know, the initial premium for new vehicle buyers will be higher, because the premium payment will be for more than one year. However, the amount of premium for third-party insurance will be cheaper because the rates will be determined by IRDA on an annual basis.
Now an important matter, third-party insurance doesn’t cover own damage (own loss) cover. We advise you to take Comprehensive Insurance. Comprehensive insurance includes third-party insurance as well as provides the accident as well as theft, burglary, arson, riot, natural calamities, etc. This policy premium is decided on vehicle’s model, vehicle’s motives, car safety devices and insurance zones.
We advise you that you should not drive on the road without comprehensive insurance. You should insure your car so that, if there is any damage to you and/or third persons and their property then there is full cover. You will find the premium of insurance expensive, but if there would be an accident, this insurance would your biggest supporter.
SEP 19 (SEP) - Today we describe you why it is important for you to insure your vehicle. First of all, we tell you for your information that third party insurance is necessary, three years for four wheeler and five years for bike from 01, September 2018. A lot of people want to know why the compulsions of three and five years have been kept instead of one. So let you know that there are many reasons behind this, one of the most important reasons is your advantage. After all, what is your advantage? And why it has been extended for three years and five years, let's tell you.
For your information, let you know that in an order, the Supreme Court make it mandatory for all general insurers to provide long-term third-party insurance for new vehicles sold on and after September first. That is, if you buy a four wheeler, you will have to pay the third-party liability motor insurance premium for three years. In case of two wheelers, the premium liability will be paid for five years.
According to the rules, vehicles are not allowed to run on the road in India without third-party insurance. For your information, let you know that if due to your third party insured vehicle, there is any accident in which there is damage of third party vehicle and their property so then you will get cover.
After the Supreme Court order, the vehicles will be sure to get long-term cover. By doing this, the vehicle owners will get rid of renewal of insurance every year and there will be a significant reduction in the number of vehicles running without insurance.
For your information, let you know that the vehicle insurance has two parts. First one is third-party and second one is the own damages (loss of self). No changes have been implemented in the premium for own-damage component. At the same time, the premium for third-party component has been determined by IRDA, which will be the same for three to five years.
As you know, the initial premium for new vehicle buyers will be higher, because the premium payment will be for more than one year. However, the amount of premium for third-party insurance will be cheaper because the rates will be determined by IRDA on an annual basis.
Now an important matter, third-party insurance doesn’t cover own damage (own loss) cover. We advise you to take Comprehensive Insurance. Comprehensive insurance includes third-party insurance as well as provides the accident as well as theft, burglary, arson, riot, natural calamities, etc. This policy premium is decided on vehicle’s model, vehicle’s motives, car safety devices and insurance zones.
We advise you that you should not drive on the road without comprehensive insurance. You should insure your car so that, if there is any damage to you and/or third persons and their property then there is full cover. You will find the premium of insurance expensive, but if there would be an accident, this insurance would your biggest supporter.
