Do car insurance companies accept premium in installments? If yes, which are these companies?
The Insurance Act, 1938, governs the payment of premium on car insurance. According to the Section 64VV of the Act, in all general insurance contracts, the insurance premium must be paid in advance. By implication of this section, no insurer can accept the premium on a motor policy in installments. As per the general regulations of the India Motor Tariff also, the insurers must collect the full premium before the commencement of the insurance cover. Further, this India Motor Tariff specifically prohibits the collection of premium in installments. Therefore, since the government prohibits the payment of premium in installments, no insurance provider will agree to receive the car premium in installments.
The Insurance Act, 1938, governs the payment of premium on car insurance. According to the Section 64VV of the Act, in all general insurance contracts, the insurance premium must be paid in advance. By implication of this section, no insurer can accept the premium on a motor policy in installments. As per the general regulations of the India Motor Tariff also, the insurers must collect the full premium before the commencement of the insurance cover. Further, this India Motor Tariff specifically prohibits the collection of premium in installments. Therefore, since the government prohibits the payment of premium in installments, no insurance provider will agree to receive the car premium in installments.
