Multiple cars, one policy: Irdai's latest announcement a boon for many

The CPA cover will also be available with the third-party liability policy and the comprehensive policy (third party plus own damage), as it is today

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Revv co-founder and Chief Executive Officer Anupam Agarwal said OPEN was a culmination of insights from the company’s short-term car rental business

Sanjay Kumar Singh Tinesh Bhasin

Last Updated : Dec 14 2018 | 12:46 AM IST

The upper middle class and the rich will be happy with the Insurance Regulatory and Development Authority of India’s (Irdai’s) latest announcement - the unbundling of compulsory personal accident (CPA) cover.

Starting from January 1, 2019, vehicle owners will be able to purchase a standalone CPA cover. The CPA cover will also be available with the third-party liability policy and the comprehensive policy (third party plus own damage), as it is today. However, customers who have bought a standalone CPA policy worth Rs 1.5 million or more will not have to buy it again when they buy a motor vehicle