Reforms to make motor insurance policies costlier, but that's good news

After the latest regulatory changes, customers should compare expenses and features more diligently before purchasing motor vehicle insurance

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Two important regulatory changes have been made to the motor insurance policy in recent times, both at the prompting of the judiciary. The minimum tenure for which a third-party (TP) policy can be bought has been hiked and the minimum sum assured on the personal accident cover has also been increased. While these new rules will make motor insurance policies costlier, they will also ensure enhanced protection to accident victims (or their families) and vehicle owners.     Tenure of TP cover hiked: A significant proportion of vehicles, especially two-wheelers, that ...