Exposure Draft on Long-Term Motor Products covering both Motor Third Party Insurance and Own Damage Insurance

The Insurance Regulatory and Development Authority of India (IRDAI) on December 07, 2022, issued an Exposure Draft on Long-Term Motor Products covering both Motor Third Party Insurance and Own Damage Insurance. It is proposed to permit all General Insurers to offer following long-term Motor Insurance policies:

1. 3 years in respect of Private cars co-terminus with Motor Third Party Liability cover.
2. 5-year in respect of Two-Wheelers co-terminus with Motor Third Party Liability cover.
3. Long-term Own Damage cover in case of renewal of standalone Own Damage policies such that the long-term Own Damage cover is co-terminus with the Motor Third Party Liability cover.
4. 3-year in respect of erstwhile Indian Motor Tariff Class D (Miscellaneous and Special Types of Vehicles hereafter referred to as Class D Vehicles) co-terminus with Motor Third Party Liability cover.
5. Motor add-ons co-terminus with the Motor Own Damage cover in respect of Private cars, Two-wheelers, and Class D vehicles.