Click it and Unblock the Notifications
IRDA Proposing Five-Year Car Insurance Policies
According to an industry source, the IRDA or Insurance Regulatory and Development Authority, is planning to propose insurance policies for cars that would cover 5 years.
Vehicle insurance, which is obviously essential, has to be paid annually at present. This is a tedious task for some as insurance policies can be expensive. In turn, people skip paying and updating policies which practically makes those cars illegal.
With this new proposal, paying insurance may become far easier because of its longer validity. The long-term insurance policies could be cheaper compared to the present rates. The IRDA has come up with this plan keeping the rural areas in mind. They want to promote insurance policies there.
Also Read: Get A Car To Get A Loan
The IRDA is also expected to come up with fresh guidelines.
The domestic passenger car sales has increased by 14.76 percent to 1,60,232 units in June when compared to 1,39,624 units in the past year. Motorcycle sales also increased to 9.63 percent, 8,76,196 units from 7,99,254 units, according to data.
Keeping in mind the number of vehicles on road and the number of accidents, this long cover policy will be very helpful. All the annual tension of finding a good deal for your vehicle will soon disappear with this plan. Paid once, its no tension for 5 years.
DON'T MISS: VIDEO OF THE DAY
Continue with Google