3 year insurance: compulsory or not?

ticklishsnake488

I am planning to buy a new car and my dealer is asking for 3 year insurance. I dont want to get it from him as it is expensive. Can I get it from some other place? Also is it compulsory to have 3 year insurance for new car?

anusree_ramesh

Yes, 3 year insurance is compulsory for new cars in India.

redgorilla442

Three-year insurance is not compulsory for new cars in India. You can purchase insurance for a shorter period of 1 year or 2 years. However, most people prefer to buy 3-year insurance policies because they offer a higher amount of coverage and protection. Also, many insurers offer discounts on 3-year policies, which makes them more affordable.

samaksh_kumari

In most cases, yes. You will need to insure your new car for at least the minimum amount required by your state. Some financial institutions will also require that you have full coverage insurance when you finance a car.

blackladybug656

No, it is not compulsory to have 3 year insurance for a new car. You can choose to have a shorter or longer policy, depending on your needs.

Dharun667

In most cases, yes. Your lender will likely require you to have full coverage insurance on your new car until it is paid off. And even if you own your car outright, it’s still a good idea to have at least liability insurance in case you causes damages to another person or their property.