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Wondering what’s happening in the Indian car insurance space? Worry not, we’ve got the latest updates for you, all in one place!
The Insurance Regulatory and Development Authority of India (IRDAI) recently issued a circular stating that vehicle owners will not be required to purchase their own damage cover along with the third-party liability insurance policy from the same insurance firm, with effect from 1 September 2019.
Earlier, policy buyers were required to purchase both the third-party liability insurance policy and the own damage cover from the same insurance firm. However, starting from 1 September 2019, policy buyers will be able to renew their own damage cover separately or purchase a new own damage cover from a new insurance provider.
That said, insurance will offer you an own damage cover only if you already have a third-party insurance policy. Thus, when you renew or purchase an own damage cover, you will mandatory have to provide all the details of your third-party insurance cover.