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Everything about Multi-Year Motor Insurance

As per the order of the Supreme Court, the Insurance Regulatory and Development Authority of India (IRDAI) has mandated for all the general insurance providers of India like National Car Insurance Company to offer multi-year third-party insurance to the vehicles that are sold after September 1st of 2018.  In other words, we can say that rather than offering single year third-party insurance policy, the insurance providers will have to offer three years insurance coverage to the cars and five years insurance plan to the two-wheelers.



This is one of the greatest moves of the insurance industry as it will provide long-term insurance coverage to the vehicles, cut-down the count of non-insured cars and bikes on the Indian roads, and save the customers from the hassle of yearly insurance renewals. However, this multi-year policy is applied to the vehicles that are purchased between 1st September 2018 and 31st March’2019. Moreover, it is applied on purchasing the third-party vehicle insurance only, and for comprehensive plans owners can still purchase the policy for one year.
Now let us know about the premium that a vehicle owner has to pay from now onwards as per this new rule of multi-year insurance policy. 

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