The market’s supervisory authorities (IRDAI) is prohibiting insurers from underwriting motor insurance contracts with a term of three years [4] for new vehicles and five years for new two-wheelers.
This decision is to enter into force on 1 August 2020. For the record, both long term motor third party liability insurance and own damage insurance were introduced in September 2018, following a decision of the Supreme Court.
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[3] https://www.atlas-mag.net/en/issue/turbulence-in-aviation-insurance
[4] https://www.atlas-mag.net/en/article/minimum-period-of-motor-insurance-cover-increased-from-one-to-three-years-in-india