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Buying a new car is an exciting milestone—but it also comes with the responsibility of choosing the right insurance. While third-party insurance is mandatory by law in India, new car owners now have another smart option — the Bundled Car Insurance Policy.
Introduced under the IRDAI’s revised guidelines, a bundled policy offers a combination of both long-term third-party coverage and short-term own-damage coverage, providing comprehensive protection right from day one.
Let’s explore what bundled car insurance is, how it works, and why it’s ideal for new car owners.
What Is Bundled Car Insurance?
A Bundled Car Insurance plan is designed specifically for brand-new vehicles. It combines:
- Long-Term Third-Party Liability Cover (3 years for cars, 5 years for two-wheelers) — mandatory by law.
- One-Year Own-Damage (OD) Cover — to protect your car from accidents, theft, or disasters.
This type of policy ensures that you remain legally compliant for multiple years while enjoying the flexibility to renew your own-damage cover annually.
Why Was Bundled Insurance Introduced?
Earlier, many car owners skipped renewing their third-party insurance after the first year, leaving them uninsured and vulnerable to legal penalties. To address this issue, the Insurance Regulatory and Development Authority of India (IRDAI) introduced long-term bundled policies in 2018.
The goal was simple — ensure continuous third-party coverage while giving car owners the flexibility to manage their own-damage protection yearly.
Coverage Offered Under Bundled Car Insurance
A bundled policy gives you dual protection through two main components:
1. Third-Party Liability Cover:
Covers injury, death, or property damage caused to others by your car. Remains valid for 3 years (for cars) or 5 years (for bikes).
2. Own-Damage (OD) Cover:
Protects your vehicle against accidents, fire, theft, vandalism, natural disasters, and man-made calamities.
Renewable yearly after the first year to adjust the premium as per your car’s age and condition.
Additionally, you can enhance your coverage with add-on options like Zero Depreciation, Engine Protection, Roadside Assistance, or Return-to-Invoice Cover.
Benefits of Bundled Car Insurance
1. Legal Compliance:
You stay covered for third-party liability for multiple years, avoiding the risk of lapses and penalties.
2. Comprehensive Protection:
Get both third-party and own-damage coverage from day one.
3. Convenience:
No need to worry about third-party renewal for the next 3 years.
4. Customizable Options:
You can upgrade your OD cover yearly, select new add-ons, or switch insurers as your needs evolve.
5. Financial Security:
Protects you from major expenses caused by accidents, theft, or disasters involving your new car.
Final Thoughts
Bundled Car Insurance is a practical and convenient solution for new car owners in India. It ensures long-term third-party protection and short-term own-damage coverage, giving you the best of both worlds—security and flexibility.
With this plan, you won’t have to worry about missing renewals or facing penalties, while still keeping your car financially protected from unexpected events.
So, when you drive your brand-new car out of the showroom, make sure it’s backed by a Bundled Car Insurance Policy—your first step toward safe, responsible, and stress-free driving.