New motor insurance rules: 3 options to get car and bike cover now
Almost a year back, the Insurance Regulatory and Development Authority of India (IRDAI) had asked insurance companies to offer long-term insurance policies for new cars and two-wheelers purchased on or after September 1, 2018. From September 1, 2019, the guidelines are being relaxed by the regulator. “Till now the customer had to buy the Own Damage (OD) component along with the Third Party component in the form of a comprehensive policy from the same insurer. Now one can take OD only policy from any of the general insurance companies in the market,” informs Sajja Praveen Chowdary, Head- Motor Insurance, Policybazaar.com.