The national insurance regulator and General Insurance Corporation (GIC) will come out with a policy that will make it mandatory for everyone buying a new vehicle to pay third party insurance premium for three and five years for cars and two wheelers, respectively, at the time of registration.
They will also design and market separate policies for third-party, own damage and comprehensive vehicle insurance.This will allow vehicle owners to choose any of the products over and above
the third-party insurance, which is mandatory.
It will also help states compel owners to have third party insurance for their vehicles.
