Insurance for 2-wheelers now to be renewed once in every 3 years: IRDA announcement welcomed!
Posted on: 14/Aug/2014 2:55:42 PM
Insurance Regulating & Development Authority (IRDA) has permitted that insurance for all 2-wheelers to be renewed once in every 3 years.
Currently, the renewal for 2-wheelers has to be done every year.This will now be changed to renewal once in 3 years.
Insurance companies have welcomed this change.
With the current system of renewal needed for every year, there are a lot of 2-wheelers plying on the roads without proper insurance.
With the change in the requirement for renewal only once in 3 years, it is expected that more 2-wheeler owners will take insurance covers for their vehicles.
Many companies including Reliance, Royal Sundaram Insurance, etc have welcomed this change.
