Long Term Comprehensive Car Insurance for 3 Years
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*TP price for less than 1000cc four-wheeler. All savings/offers are provided by the Insurers which are subject to modification. Terms and conditions apply
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- CASHLESS GARAGES 6,800
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- CASHLESS GARAGES 3,100
- CLAIMS SETTLED 95%
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In 2018 Insurance Regulatory and Development Authority of India (IRDAI) made it mandatory for all new cars sold after 1st September 2018 to have at least a 3-year third party insurance policy. It is one of the landmark moves in the car insurance industry as it offers long-term insurance coverage to the cars and saves the policyholders from the inconvenience of renewing the insurance plan yearly.
Third Party Premium Rates for 3-Year Car Insurance Plans
Three-Year Third Party Premium*
Not exceeding 1,000 cc
Exceeding 1,000 CC > but not 5,000 CC
Exceeding < 1,500 CC
(*Source: Insurance Regulatory and Development Authority of India)
Ways of Opting For The Mandatory 3-Year Third Party Car Insurance Plans
A long-term car insurance plan valid for three years can opt in the following manner:
- Buying a third party insurance policy valid for a total of 3 years
- Buying a third-party insurance policy valid for 3 years along with a standalone own-damage cover valid for required tenure.
- Buying a bundled car insurance containing a 3-year third party cover + 1-year standalone own damage cover.
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Features of Three-Year Car Insurance Plans
A 3-year third party car insurance plan comes with the following features:
- Longer Validity: It ensures long-term protection with no requirement for yearly renewals.
- Economical Option: Purchasing a three-year third-party policy is much more feasible and cheaper as compared to renewing the same plan yearly.
- Portability: Even after getting your insurance plan renewed for 3 years, you are still provided the option to change your insurance provider during this tenure.
- NCB Transfer: During the policy term, if the policyholder decides to sell their car or buy a new one, then the accumulated no claim bonus can be transferred to the new car to receive the benefits of discounted future premiums.
Advantages Of Three-Year Car Insurance Plans
A long-term car insurance policy valid for 3 years offers the following benefits:
- No Car Insurance Renewal Needed Every Year: Although, you are required to pay more premium amounts, you are paying it for three years altogether, which means you do not have to worry about renewing your car insurance every year. All that is needed from your end is to pay the premium amount once and get worried less from the hassle of getting the policy renewed for the next 3 years.
- No Hike in Premium: Rates of third party insurance are increased every financial year by IRDAI. However, all the policyholders who have paid their premiums in advance are not required to worry about the price hike.
- Minimum Compliance Issues: A car inspection is required every year by car insurance companies in case you renew your car insurance policy during the 90-day period post expiry of the policy but with three-year car insurance, your time and efforts are saved from going through these procedures yearly.
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Long Term Car Insurance for 3 Years FAQs
Is 3 years of car insurance mandatory?
According to the Indian Motor Tariff, buying a 3 years third party car insurance policy is mandatory for all the car owners, who have purchased a car after 1st September 2018, in order to drive a car safely on the Indian roads.
Do I have to pay more for multi-year car insurance?
No, the premium is not higher for a multi-year car insurance policy than a 1-year plan. However, it requires you to pay the premium for all 3 years at once.
What are the benefits of multi-year car insurance?
Benefits of a multi-year car insurance policy are as follows:
- No yearly renewal of insurance policy
- Easy portability option of the insurer
- No Price hike on third party cover
- Additional discount by insurance provider
- Minimal compliance issues
How to calculate a multi-year car insurance premium?
You can calculate a multi-year car insurance policy by following the given steps:
- Step 1: Go to InsuranceDekho
- Step 2: Choose the car tab and enter your car number. Then, click on ‘Get your quote’.
- Step 3: Afterward, fill in the required information to get the quotes for various plans.
- Step 4: Select the tenure for which you are calculating your car insurance premium.
- Step 5: Compare the available plans and make the payment.
Which is the Best Insurance Company for multi-year car insurance?
Insurance Regulatory and Development Authority of India has made it mandatory for all general insurance companies in India to provide a multi year car insurance policy to all the car owners, who purchased a new car after 1st September 2018. Therefore, the best company depends upon the individual needs of a policyholder, so while purchasing a policy online it is extremely important for a policyholder to compare all the insurance plans from different insurance companies before making any decision.
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