Long term 2 wheelers insurance policy

The IRDA (Insurance regulatory and development Authority) has introduced long-term motor third party insurance policy with a three years term. This means , two wheeler owners do not have to renew their motor insurance every year. The total premium charged for the third party coverage would be thrice the annual premium for two-wheelers as decided by the regulator. General insurance companies are already working on the product launch for such motor third-party policies for two-wheelers.