Vehicle insurance policy modifications: the car that is discovered to be uninsured will now be insured immediately, and funds will be taken from fastag

 Vehicle insurance policy modifications: the car that is discovered to be uninsured will now be insured immediately, and funds will be taken from fastag

The Ministry of Road and Highways' Vahan App is a tool that will enable officials from the police and transport departments to retrieve all relevant information on impounded automobiles.

If the traffic police catch you driving without insurance, you can be required to purchase insurance right away. The Ministry of Transportation is putting big adjustments in place for this. Third party insurance, or third party insurance, will be made readily available in such a circumstance with the aid of Fastag.

Government estimates show that between 40 and 50 percent of the country's vehicles are operating without insurance. Third-party insurance for the car is required by law, although many of these cars are also involved in collisions. Let us inform you that third-party insurance pays for the costs associated with the care and treatment of accident victims.

The government, according to the news, is creating a system under which the police and transport department personnel would extract the full details of the vehicles caught using the vehicle app of the Ministry of Road and Highways with the use of a tool.

If the vehicle is uninsured, general insurers connected to the network of the Transport Department will offer the car owner the chance to buy an insurance policy right away.

What will the procedure be?

According to rumours, this will enable banks and insurance firms to be integrated with the FASTag platform for the instant payment of these policies' premiums to drivers without auto insurance. The premium will be removed from the FASTag balance in this case. Instant insurance was reviewed during the council meeting, according to a representative of the General Insurance Council. Recommendations for its implementation are being produced and will be discussed at the meeting on March 17.

What does third-party insurance cost?

The cost of third-party insurance varies depending on the size and age of the car; it is Rs 2,072 for passenger cars with 1000cc engines, Rs 3,221 for cars with engines between 1000 and 1500 cc, and Rs 7,890 for cars with 1500 cc engines. The insurance industry's regulatory body, IRDA, has already permitted insurers to provide short-term or temporary motor insurance for impounded automobiles.