Govt to Mandate Third-Party Insurance for Fuel & FASTag Purchase!

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The Motor Vehicles Act The Road Transport Ministry has been requested by the Finance Ministry to examine motor vehicle insurance-related measures. This will emphasize that no car governed by the Motor Vehicle Act may be driven on public roads without third-party insurance.

What is third party insurance

What is Third Party Insurance?

You need to have a current third-party insurance policy if you wish to renew your driver’s license, purchase gasoline or diesel for your vehicle, or get a FASTag. Indeed, the implementation of such a rule is imminent. This merely indicates that your DL will not be renewed if you lack third-party insurance. In addition, you will not be permitted to purchase CNG gasoline or obtain a FASTag. The Road Transport Ministry has been instructed by the Finance Ministry to take stringent measures to ensure that third party insurance is available to as many individuals as feasible.

Renewal of DL and pollution certificate also included

The Road Transport Ministry has been asked to explore a number of motor vehicle insurance-related initiatives by the Finance Ministry. The emphasis here will be on the Motor Vehicles Act’s requirement that no car be driven on public roads without third-party insurance. This includes texting uninsured car owners, requiring third-party insurance in order to purchase gasoline and diesel and to issue FASTags. The DL and pollution certificate renewals are also included in this.

Rules can be changed

Every motor vehicle is required to have third-party insurance under the Motor Vehicles Act of 1988. If you don’t, you risk a three-month jail sentence. This measure is being implemented at a time when one car out of every two that travels on Indian roadways lacks third-party insurance. The purpose of this insurance is to cover losses incurred by unrelated parties in a traffic accident. The Road Transport Ministry is working on such a plan and may soon amend the Motor Vehicles Act’s regulations.

You should have a valid third-party insurance for your vehicle.

You should have a valid third-party insurance for your vehicle.

With third-party insurance coverage, several vehicle-related compliances can be added, and the required notifications can be sent. In addition, all state governments and union territories will get the appropriate directives from the Ministry of Road Transport to strictly implement the Motor Vehicles Act’s requirements for third-party insurance coverage. According to government plans, you can only conduct crucial tasks involving your automobile or bike, such as purchasing gas, taking a fastag, or renewing your license, if your vehicle’s third-party insurance is still in effect. The Ministry of Road Transport has the authority to amend the regulations in the near future.

In addition, every state will be instructed to enforce tough laws against automobiles that lack third-party insurance. Only over half of the 35 to 40 crore cars that are now on the road in the nation have third-party insurance, according to IRDAI data. The Parliamentary Standing Committee on Finance recently recommended looking at methods to expand third-party insurance coverage.

Up to 56% of automobiles were uninsured as of March 31, 2020, according to the committee’s eighth report, which was delivered to Parliament last month. It has requested that the government use data collecting to look into how states are implementing computerized challans. According to the report, states ought to submit information about insurance coverage and car registration.

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