Long-term insurance for cars, two-wheelers: Why it is good for customers

From September onwards, you will be able to buy five-year insurance policies for two-wheelers and  two-year policies for cars. The Supreme Court has made it mandatory for new cars, bikes and scooters to have long-tenure third-party insurance. While the insurance regulator is yet to finalise the guidelines, most insurers believe that the long-term policy is likely to be a comprehensive cover. “Splitting the third-party (TP) and own damage cover (OD) would require a change in many regulatory provisions, which may not be possible by the Supreme Court deadline” says Puneet S.....

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