Union Minister for Road Transport & Highways and MSMEs Nitin Gadkari has called for including the road projects in the country into the ambit of insurance. He said, several countries in the world are following the practice of insuring infrastructure projects. These include Canada, Australia, USA, South Africa and UK. Addressing a Workshop on Motor Vehicle Insurance and Road Safety in New Delhi today, the Minister informed that the Supreme Court has made it mandatory for all new two wheelers to have a five-year third party insurance. Similarly, for cars and commercial vehicles, it is mandatory to have a three-year third party insurance. In case of default, there is a provision of fine up to Rupees two thousand. Under the third party insurance, the responsibility of compensating an accident victim shifts from the vehicle owner to insurance company.
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