New rules of IRDAI and the changes in third party Insurance plan

1. New rules of IRDAI and the changes in third party Insurance plan

2. Insurance plans are necessary for every vehicle owner. They act as a shield of protection against the perils of eventualities. Unfortunate events can occur anytime under any circumstance. In such scenarios staying protected financially and medically becomes very crucial. Although there are numerous vehicles plying on the roads of the country, most of them are uninsured. Riding or driving a vehicle without an active insurance plan is a punishable offense and the process of dealing with legal liabilities and penalties can get tedious too.

3. The insurance expert thus recommends at least a third-party liability insurance plan for every vehicle owner. Also, the IRDAI has made it obligatory to purchase a third party plan. You can easily buy third party bike insurance online or offline depending on your convenience. However, the IRDAI has rolled-out a few new rules and regulations for the insurance companies of the country. The changes are made by considering the safety of vehicles owners and to reduce the increasing number of road accidents. Most vehicle owners are unaware of these new changes made in the vehicle insurance plans. If you are one of them, this article is just meant for you. The following article will take you through the new changes made by the IRDAI and help you to comprehend how you can purchase an insurance plan for your vehicle now.

4. New changes in the Insurance Laws: Given below are the new laws followed by all insurance providers. Understand these laws clearly and then purchase a plan for your vehicle. Premium outflow: Earlier, the premium amount had to be paid annually and the premium outflow was quite less. However, according to the new laws, the insurance providers have to offer long term third party insurance whether for 3 years of time or for 5 years. Consider, you buy third party bike insurance online for 3 years, you will have to pay a total amount of premium at once in the first year. There is no need to pay the premium amount for the next two years. This law is issued to offer continuous coverage to vehicle owners and save them from the frequent renewal hassle.

5. Hiked TP tariff for new cars: As per the new regulations of IRDAI, the tariff for new cars that are above 1000 cc will be higher than usual. Vehicles with less than 1000 cc will have a premium amount of around Rs.5000 to Rs.6000 for a term of 3 years. Vehicles with a capacity of more than 1000 cc but less than 1500 cc will have to pay approximately Rs.9000 for a policy of 3 years. And lastly, the tariff for vehicles with engine capacity more than 1500 cc will be paying approximately a sum of Rs.25000 for 3 years. If calculated and compared with the earlier tariff prices, the tariff has been hiked with 3.33% to 4%.

6. Hiked TP tariff for new cars: As per the new regulations of IRDAI, the tariff for new cars that are above 1000 cc will be higher than usual. Vehicles with less than 1000 cc will have a premium amount of around Rs.5000 to Rs.6000 for a term of 3 years. Vehicles with a capacity of more than 1000 cc but less than 1500 cc will have to pay approximately Rs.9000 for a policy of 3 years. And lastly, the tariff for vehicles with engine capacity more than 1500 cc will be paying approximately a sum of Rs.25000 for 3 years. If calculated and compared with the earlier tariff prices, the tariff has been hiked with 3.33% to 4%.

7. How to buy a third party bike insurance online? • The process of purchasing the third party liability plan online is similar to the earlier process. Given below are the simple steps you need to follow; • Visit the websites of the insurance provider or the websites of the insurance • aggregators • Check the long term insurance plans offered by the companies • Compare the prices and coverage with other insurers • If necessary add a few essential covers to the policy • Enter all the required information such as policyholders name, vehicles name, and number, etc • Choose the policy tenure i.e either 3 years or 5 years • Select your preferred method of payment • Submit the application.

8. Once your details are verified, the insurance provider will send you the confirmation and a copy of your policy. Remember, do not enter any fake or incorrect information when buying a third party bike insurance online or offline. All your details will be verified. If found fake, your application will be rejected. The long term insurance plans are implemented for better safety of vehicle owners. So abide by the laws of the IRDAI and select the right insurance plan for your vehicle. Staying secured and insured is the way to deal with misfortunes. Also, keep a track of your insurance plan and keep it updated all the time.

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