News From Press IRDAI withdraws long-term motor cover for new cars, two-wheelers

IRDAI withdraws long-term motor cover for new cars, two-wheelers

Business Line Jun 10, 2020

In a significant move, the Insurance Regulatory and Development Authority of India (IRDA) has withdrawn permission for motor long-term cover. “The authority has decided to withdraw the long-term package cover offered for both motor third-party insurance and own damage cover for three or five years for new cars and two-wheelers, respectively, with effect from August 1,” said IRDAI in a circular on Tuesday.

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