Third Party Insurance must for new two and four wheeler, Supreme Court
Saturday - July 21, 2018 12:42 pm ,
Category : INDIA
July 21 (WTN) The Supreme Court today issue a order by which third party insurance of two wheel and four wheeled vehicles be made compulsory so that the victims of road accidents can get compensation. Apex court said that insurance companies should look at it from a human perspective rather than business interest. The apex court, referring to the recommendation of a committee headed by former justice S. Radhakrishnan of the Supreme Court on road safety, referring to it, issue this order.
The court mentioned in order that in India more than one lakh people are being killed every year in road accidents. The committee headed by S. Radhakrishnan has recommended that third party insurance (insurance) be made compulsory for five years and three years instead of one year at the time of the sale of two wheel or four wheel vehicles respectively. In its report, the committee said that only six crore vehicles running on the streets of the country have third party insurance. Victims of the road accidents or the dead are not compensated because the vehicles do not have third party cover.
The court said that in order to register new four-wheeler vehicles from September 1, three-year insurance for the third party must be taken mandatory. The bench said that it should be viewed from a human perspective, not from the point of view of business interests. The bench said that the people of India who are dying in road accidents are not getting compensation because insurance companies are taking a lot of time for claim settlement. Apex court instructed insurance companies to satlle accidental caims t within four weeks. The apex court also fixes time line of Sept 1 for insurance companies to take necessary measure.
