Is CPA mandatory for insurance?

Is CPA mandatory for insurance?

CPA, Compulsory Personal Accident insurance is the new mandate as per the insurance regulator, IRDAI (Insurance Regulatory Authority of India). All the vehicles should be covered by a motor insurance plan as per the Motor Vehicles Act, 1988.

Is CPA compulsory for insurance?

With effect from 1st Jan 2019 customers will not have to purchase separate compulsory personal accident (CPA) cover for each new vehicle they buy, as per Notification of insurance regulator IRDAI.

What is PA cover?

A compulsory personal accident or PA cover is an add-on cover offered by motor insurance providers to the owner-driver of a car that protects him against any accidental injuries.

What happens if you only have third party insurance?

Third party property insurance generally only covers damages caused to 3rd parties by your negligence. It does not cover damage to your own property. If you receive a demand for damages allegedly caused by you, you should contact your insurer and make a claim.

Why insurance against third party is necessary?

Third-party insurance is important because it is mandated by the law for all vehicles driving on the road to have a third-party insurance policy. Moreover, third-party insurance financially protects you against any third-party damage, loss of property, death or bodily injury caused to the third party. Apr 26, 2021