Court refuses to extend motor insurance deadline

Longer duration motor third party insurance cover is all set to become mandatory for new cars and two-wheelers as scheduled from September 1, with the Supreme Court on Friday refusing to extend the deadline. A bench of Justices Madan B. Lokur and S. Abdul Nazeer dismissed an application filed by the General Insurance Council (GIC) seeking extension of the deadline set by the apex court. According to sources, a few insurers are ready with long term comprehensive motor cover, comprising both MTP and own damage, as well as a bundled product. Under the latter, they would offer MTP for the stipulated time-frame plus own damage for a year that can be renewed. ‘For existing vehicles’ Puneet Sahni, Head- Product Development, SBI General, said the company had been working on the long-term motor insurance product well in advance and was ready to offer the same from Saturday. The company was also working on an option to offer the long-term product for existing vehicles as well. Bajaj Allianz General Insurance sources said the company would be rolling out both comprehensive and bundled motor insurance policies from September 1.

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