Car insurance changes applicable from September- 2018
Posted on: 03/Sep/2018 2:28:02 PM
1. The government has only made 3 years *third party Insurance* on brand new vehicles mandatory.
2. You can still buy only 1 year full insurance on your brand new vehicle.
3. No changes in Insurance of existing vehicles. The Insurance of existing Vehicles shall be renewed annually.
4. You have following three options in Insurance when you purchase a brand new vehicle
OPTION 1 - Purchase 3 years stand alone. Third party Insurance (only third party)
OPTION 2 - Purchase 3 years full Insurance (very expensive option, not recommended)
OPTION 3 - Purchase 1 year full insurance plus 3 years Third party Insurance.
RECOMMENDED - OPTION 3
*Benefits of option 3*
1. The third party premium you pay in advance will be deducted from your premium at the time of your first and second renewals. So no extra cost.
2. Government increases third party rates every financial year, so you will beat the price hike.
3. You can still change your insurance company and get the best deal and better coverage as per your requirement at the time of renewals rather than getting stuck with one company and one plan for three years.
4. The premium on renewals shall be less as third party premium shall be already borne by you at the time of purchase of vehicle.
For more details contact:
G N Sivaramakrishna
Insurance Advisor
Email: gns@gnsconsultant.com
Mob: +91 98847 15963
