Even as customers buying cars and two-wheelers post September 1 need to shell out more as premium with Irdai making long-term third party insurance mandatory, industry and experts feel it will ultimately benefit consumers besides the insurers.
It addresses the issue of under-insurance and inculcate a sense of compliance among those who otherwise evade the law by not buying the third party motor insurance after the initial year of vehicle purchase, said an analyst.
Following an ..
