What Duration Of Car Insurance?

What Duration Of Car Insurance?

In India, car insurance policies can be bought for a duration of one year or three years. Most insurance providers offer both one-year and three-year policy options. A one-year policy is the standard duration, and the policyholder needs to renew it every year to ensure continued coverage. A three-year policy, on the other hand, provides coverage for three years without the need for annual renewals. The three-year policy is a relatively new option introduced by the Insurance Regulatory and Development Authority of India (IRDAI) to provide policyholders with more convenience and cost savings. While a three-year policy may have a higher upfront cost, it offers savings on premiums and eliminates the hassle of annual renewals.