Following a Supreme Court order, the insurance regulator has asked all general insurance companies to offer long-term third-party motor covers to policyholders.
Through a circular issued on August 28, the Insurance Regulatory and Development Authority of India (Irdai) has directed insurers to offer only three-year motor third-party covers for new cars and five-year policies for new two-wheelers. This will be effective from September 1, 2018.