Absolutely, you're correct. As per the Supreme Court's directive, the Insurance Regulatory and Development Authority of India (IRDA) has indeed made it mandatory to issue long-term insurance policies on vehicles from 1st September 2018.
This means that when you purchase a new vehicle:
🚗 For four-wheelers, insurance must be taken for a minimum of 3 years.
🏍️ For two-wheelers, insurance must be taken for a minimum of 5 years.
Here's a step-by-step guide on how to proceed:
1️⃣ When buying a new vehicle, ensure that your dealer includes this mandatory insurance in your purchase. They usually have tie-ups with insurance companies.
2️⃣ If your dealer does not provide this service or you wish to purchase insurance from a different provider, you can approach any IRDA licensed insurance company.
3️⃣ Choose a policy that suits your needs. Remember, this is a long-term commitment, so make sure to read the terms and conditions carefully.
4️⃣ Once you have decided on a policy, you can usually purchase it online through the insurance company's website. You'll need to provide some basic information about your vehicle and make the payment.
5️⃣ After the purchase, the insurance company will issue a policy document. Keep this document safe as you will need to produce it in case of any accidents, damages, or during vehicle inspections.
Remember, driving without valid insurance in India is a legal offense under the Motor Vehicles Act, 1988. So, make sure to renew your insurance policy before its due date to avoid any fines.
I hope this helps! Let me know if you have any other questions.