Motor Insurance Rules

The Irdai said retail policyholders can cancel their insurance policy at any time during its term by notifying the insurer, and will receive a refund for the remaining period of the policy

Floater policies will be cost-effective, provide convenience of renewal at one go for multiple vehicles

It will float over own damage and third party sections and can be attached to any section of motor insurance cover bought

If you let it lapse and renew later, you will lose out completely on the no-claim bonus

Regulator also says insurers are facing issues in offering the product

The usage-based private car cover, launched under the Irdai's regulatory sandbox, is more affordable offering customised solution towards one's driving profile apart

The enhanced depreciation is expected to motivate vehicle makers