Vehicle insurance: Third-party cover is essential but may not be sufficient

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Recently, the Insurance Regulatory and Development Authority of India (IRDAI) directed insurance companies to make third-party (TP) motor insurance plans easily available to customers. TP insurance cover is mandatory for all vehicles and someone who does not have one can be detained until such time as insurance documents are produced.While a TP cover is the very least that a vehicle owner should buy, it is advisable that those who can afford one should buy a comprehensive motor cover. The Supreme Court Committee on road safety recently asked states and Union territories to …

Source: Business Standard