Why is third-party motor insurance cover mandatory?

Why is third-party motor insurance cover mandatory?

The Supreme Court in July last year made it mandatory for all car owners to have a three-year TP policy and two-wheeler owners to have a five-year policy. You can buy TP cover at the time of registering your vehicle from any non-life insurer. According to Irdai, third-party property damages are covered up to a sum of ₹7.5 lakh. If the degree of damage is beyond the insurance cover, the policyholder has to bear the additional expense. There is no cap on the liability covered for death or injury.

Read More

0Shares

Leave a Reply

Your email address will not be published. Required fields are marked *