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Mandatory third party insurance for vehicles to benefit consumers, insurers: Experts
Even as customers buying cars and two-wheelers post September 1 need to shell out more as premium with Irdai making long-term third party insurance mandatory, industry and experts feel it will ultimately benefit consumers besides the insurers. The new guideline will contribute to higher premium income for the companies selling motor insurance. Introduction of mandatory long term policies for new vehicles will go a long way in addressing the problem of under-insurance of motor vehicles.
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