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From August 1, the Insurance Regulatory and Development Authority of India (Irdai) has decided to withdraw long-term policies offering both own-damage and third-party insurance for three years and five years for two-wheelers and four-wheelers, respectively — a move that can make things better for consumers in some ways. Also, as Arun Singh Badhuria, head, motor insurance, Universal Sompo General Insurance says: “But the buyers of new private cars and two-wheelers must get the vehicle insured for third-party insurance for three years and five years, respectively.”
The overall impact
Aditya Sharma, business head, motor, Bajaj Allianz General Insurance says: “In general
