Until recently, when you bought a car, you passively accepted whichever general insurer’s motor insurance policy the dealer sold to you. In the process, you could be sold a policy that was more expensive, or whose features were not the best for you, and so on.
That may change now.
The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines that will allow car dealers to become Motor Insurance Service Providers (MISP) and offer the policies of multiple general insurers. This initiative brings car dealers’ insurance-selling activities within the regulator’s purview.
“Motor dealers can get registered as Motor Insurance Service Providers,