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Motor Vehicles Act 2.0: Insurance Companies Happy as They Observe Business Growth
September 11, 2019
The new and stringent changes made to the Motor Vehicles Act by the government may have irked two-wheeler and four-wheeler owners in India. However, insurance companies have welcomed the move as they say that bigger penalties for non-compliance with auto insurance norms have forced the users to buy insurance covers and renew policies.
As per the amendments in the Motor Vehicles Act, those driving vehicles without insurance may have to pay a fine of ₹2,000 and imprisonment of up to 3 months. Repeat offenders may have to pay a fine of ₹4,000 along with imprisonment.
Photo credit: denisbin on Visualhunt.com / CC BY-ND
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