IRDAI allows consumers to buy single personal cover for multiple vehicles

From January 1, policyholders will not have to purchase separate compulsory personal accident (CPA) cover for each new vehicle they buy, as per a notification issued by IRDAI.

Currently, a vehicle buyer has to buy a CPA for every vehicle purchased. In September this year, the IRDAI had raised the minimum insurance cover for owner-driver to Rs 15 lakh for an annual premium of Rs 750.

Earlier, the capital sum insured (CSI) for two-wheelers and private cars/commercial vehicles was Rs 1 lakh and Rs 2 lakh, respectively.

“Since a general personal accident cover also includes cover against motor accidents, if an owner-driver already has a 24 hour personal accident cover against Death and Permanent Disability (Total and Partial) for CSI of at least Rs 15 lakh, there is no need for a separate CPA cover to be taken,” said the notification of IRDAI.