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While the long-term insurance policy is 3 years for four-wheelers, it is 5 years for two-wheelers. The following guidelines are issued to implement the Supreme Court guidelines via a circular issued to insurers under Section 14(2) of the Insurance Regulatory and Development Agency of India Act, 1999, effective September 1, 2018. [7]
Two-wheeler insurance is a type of insurance that is mandatory in India. Falling under the General insurance product category, it helps protect people against accidents that take place on the road. Active two wheeler insurance shields the vehicle owner from any unforeseen occurrences like the accident or any serious damage to the motor vehicle.
Between 30 and 50 years of age, it is valid for 10 years. From 50 to 55 years of age, it is valid until the holder's 60th birthday. Above 55 years of age, it is valid for 5 years under the Motor Vehicles (Amendment) Act, 2019. The driving licence is required to be renewed after the expiry of its validity. It previously had 20 years of validity. [7]
The amount of premium depends on the make and value of the car, state where the car is registered and the year of manufacture. This amount can be reduced by asking the insurer for a no claim bonus (NCB) if no claim is made for insurance in previous year. [34] Two wheeler insurance – covers accidental insurance for the driver of the vehicle.
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