IRDAI circular-third party insurance coverage

third party insurance

The Honourable Supreme Court Committee had asked the States and the Union Territories to report to them about all the vehicles plying in their jurisdiction without a valid third-party insurance policy. They had issued orders to confiscate the vehicle till such time the vehicle owner produces a valid insurance policy.

However, the States and the Union Territories have come up and reported the complicacy faced by vehicle owners for issuing a third-party (TP) insurance policy that requires vehicle inspection and thus making it difficult for them to avail a TP motor insurance policy smoothly.

Thus, the Supreme Court has mandated the insurance companies to make the process of TP insurance policies simpler by implicating these changes:

  1. The TP insurance policy can be availed online as well, without inspection
  2. Insurers would liaise with the policy for smooth TP policy issuance and renewal
  3. No insurer would refuse a TP policy issuance or renewal and would make it easy for vehicle owners to easily access the same

These changes should impact the vehicle owners positively and help everyone own a TP insurance policy as mandated by the law.

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