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The Insurance Regulatory and Development Authority of India clarifies that insurers offer long-term motor products only to new private cars and new two-wheelers. Insurers do not offer these products for renewal of existing policies or for old vehicles. Insurers continue to offer the three-year long-term two-wheeler insurance policy for renewal as permitted by a previous circular from 2014.
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[Image omitted. See the official document.]
Ref: IRDAI/NL/CIR/MOT/112/07/2019
Dated: 11th July, 2019
ALL GENERAL INSURERS (OTHER THAN STAND-ALONE HEALTH INSURERS AND SPECIALISED INSURERS)
Re: Clarification: Issuing Long Term Motor Products- private car and two-wheelers
As per the Circular Ref: IRDA/NL/CIR/MOT/137/08/2018 dated 28th August, 2018 on implementation of the Directions of the Hon'ble Supreme Court of India in the matter of WP No.295/2012 of Shri. S. Rajaseekaran vs Union of India and Ors., all general Insurers shall offer three-year Motor Third Party Insurance cover for new cars and five-year Motor Third Party Insurance policies for new two-wheelers.
It is hereby reiterated that long term motor product permitted under para 2(i), 5 (i) shall be offered only to new private cars and new two-wheelers. These products shall not be offered for renewal of existing policies or for old vehicles.
However, Long Term Two Wheeler Insurance Policy being issued for three-years as permitted vide circular ref IRDA/NL/CIR/MOTP/192/08/2014 dated 4th August, 2014 may continue to be offered for renewal.
(T. L. Alamelu) Member (Non-life)
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