New long-term third party insurance plans leave you with these 3 options.
It has become mandatory to get long term third party insurance for vehicles purchased after 1st September, 2018. This is after, siting the number uninsured vehicles on Indian roads today, the Supreme Court passed a ruling that called for 3-year & 5-year third party plans for car & bikes respectively.
Besides for the obvious question of pricing, the new mandate also leaves you with three options when it comes to motor insurance on new vehicle. This article will discuss these three options to ensure you make informed buying decisions when faced with the task of picking out the right new bike or car insurance policy.
1. Settle for the basic long term third party cover. The first option, of course, would be to settle for the new mandatory cover. This would entail third party cover for 3 or 5 years, depending on whether you’re purchasing a bike or car. If you opt for this type of cover, just remember that own damages will not be covered under the plan.
2. Buy own damage cover as well. If just third party insurance seems inadequate and you want more protection, you can opt for a comprehensive plan in addition to the mandatory cover. This will ensure own damages are covered and your new vehicle retains mint condition, come what may. However, you will have to renew the comprehensive plan every year, which can become cumbersome.
3. Get long term comprehensive motor insurance. The last option is to opt for long term comprehensive four or 2 wheeler insurance. This will include third party cover, ensuring your meet the legal requirements as per the new mandate. Also, it will save you from the hassles of yearly renewals.
HOPE THIS HAS BEEN HELPFUL, GOOD LUCK AND RIDE SAFE!
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