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The Supreme Court has made it compulsory to buy third-party insurance with at least three years' cover for those buying a car after September 1. For those buying two-wheelers, the minimum third-party insurance period has been set at five years.
Vehicle insurance has two components -- third-party cover and own damage cover. While the third-party cover serves to protect the insurer from claims made by an an accident victim, the own damage policy covers loss or damage to the insured vehicle.
At present, there are three different types of insurance covers that one can choose from. Listen to some facts about all the three that will help you arrive at the one that suits you the best: