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How Vehicle Insurance Premium is Calculated

Irrespective of the vehicle being bought for commercial or personal use, Vehicle Insurance becomes unavoidable for every vehicle owner. While purchasing a new vehicle, first, you need to take insurance for the same even before bringing your vehicle on the road. Getting insurance for your vehicle is a safety measure for yourself and the public in the traffic and hence a legal obligation. Most people do not understand the functioning of insurance, thinking it is difficult. We are here to make you understand the concept and process of vehicle insurance. Go through the following information to know more about the premium calculation for your vehicle

How long do I have to insure a car after purchase?

Wondering for how long you have to insure a car after purchase? No worries, in this article we will discuss everything about car insurance. Currently, the government has made it compulsory for all car owners to insure their car for at least 3-5 years. Long-term premium payments will initially cost high to consumers but will save them from future renewals. In July 2018, the Supreme Court announced that third-party insurance for a new car would be for 3 years. As the vehicle becomes older, its depreciation accelerates. In such conditions, most consumers skip the annual renewable process or can prefer to buy a policy that doesn’t cover all types of risks. Such an initiative of the government has improved penetration in the overall sector. Such a decision of the Supreme Court has removed the question of insured and uninsured, and the insurance covered on third-party vehicles will become bigger and better.