Nowadays, instant loan approvals have simplified the entire process of car buying. But what’s often forgotten by buyers is that the insurance of a vehicle is equally important as buying it. Periodic servicing and insurance renewal are two important aspects of the vehicle ownership lifecycle. In general, a failure to renew the insurance policy could mean a rejection of further applications or a higher premium. So, to avoid complicated procedures and on-road risks, you must ensure that you renew your insurance policy on time.
New India Assurance Company is a government owned general insurance company with operations in more than 27 countries across the globe. The company offers two types of vehicle insurance coverage namely, Liability Only Policy and Package Policy. The basic plan is designed to offer financial protection in the event of a bodily injury to a third party and/or property damage. But the Package Policy, in addition to the aforementioned coverage, offers protection from natural calamities, manmade calamities, terrorist acts, theft, burglary, etc. Customers of both the plans can choose the online renewal method for a hassle-free experience. They can also seek assistance during the renewal process by getting in touch with the customer support team. Read on for more details on New Indian Assurance Car Insurance Renewal.
In 21st Century India, owning a car has moved beyond being a status symbol to an everyday necessity. Being a car owner proves your financial independence, puts you in a refined league of your peers and wins you some much-needed brownie points with the family. But, the joys of owning a car could be short-lived if say, your vehicle meets with an unfortunate and untimely accident, is stolen, is lost in a raging flood, or worse - if it turns up to be the cause of an accident that costs the life or property of a complete stranger. These situations can be disastrous, costly and frustrating!
Car insurance is an insurance provided towards loss or damage of a vehicle such as a car, or commercial vehicle. It is a policy purchased by the car owner to mitigate costs incurred due to the accident that caused damages to the vehicle. Instead of paying through their own pocket, car owners pay premiums to an insurance company and the company pays most of the costs associated with the accident. The premium amount payable towards car insurance is decided by factors such as type of vehicle, age of the vehicle, age of the insured, insured declared value, etc. A car insurance covers for liability, property, and medical expenses. Although it is compulsory for vehicle owners to have insurance, some prefer to purchase additional insurance to ensure further protection.
Enter, Car Insurance. This handy insurance policy covers you against the uncertainties that could befall your cherished vehicle and protects you against the probable financial losses. Car Insurance is usually very easy to purchase, to renew, and a number of reputed insurance companies and wealth managers count this as one of the premier products in their arsenal.
In India, the following types of car insurance policies are in vogue. These policies are categorized based on their overall applicability and are targeted at specific conditions that can impact your cherished vehicle. Broadly speaking, motor vehicle insurance are of two types-
Comprehensive Car Insurance : As the name specifies, Comprehensive Insurance accounts for a complete range of negatively impactful things that could happen to your vehicle. This includes robust protection from damage/complete loss of car, injury/death that occurs to self, injury/death endured by fellow passengers and/or contracted driver and protection against third party liabilities. Almost all commonly occurring factors are accounted for, including fire, flood, theft, riots, terrorist activities, accidents, etc.
Third Party Insurance : In essence, Third Party Car Insurance doesn’t provide any coverage for the damage/complete loss endured by your vehicle, or the unfortunate injury/death that befalls the insurance holder. This specialised insurance policy serves as financial protection when your vehicle is involved in/is the originator of an unfortunate accident that results in the destruction of third party property and/or involves injury/death of a third party individual. In such cases, the affected party is likely to push you for damages/compensation and the same will be serviced by the applicable third party liability insurance. Thankfully, Indian laws make it mandatory that every car be insured with a basic third party insurance component.
Want another reason to love the internet? How about the absolute ease and speed of comparing online a whole bunch of viable car insurance options?
The best car insurance policies are out there and the World Wide Web offers you the personal, safe and time bound medium to explore them all.
The internet is awash with third party websites that help you compare between the various car insurance policies available to you, from insurers both big and small.
This definitely beats spending oodles of time, manually comparing between the various options- all the commuting, enquiring and double checking, is history!
Humanity is an evolving species, right? The tested fundamentals of old are being slowly, but surely, replaced by modern day options that piggyback on the limitless possibilities offered by the internet.
Comparing car insurance online between the various supposed ‘best’ car insurance policies is just one of the many advantages offered by the modern era of technology and the digital revolution.
Why not indulge in them and gather the most updated, correct and easily retrievable information out there?
If you are a vehicle owner, car insurance is definitely a very thoughtful (and compulsory) investment. And, if you are looking out for an all-encompassing car insurance
policy, find the one that perfectly matches upto your requirements and limitations, online.
The average car insurance policy covers the loss or damage endured by your vehicle due to the following reasons,
As part of the overall car insurance, most insurers provide personal accident cover in the event of your unfortunate accident while driving. This accident cover can also be extended to passengers, whose number must usually equal the maximum permissible occupancy in the vehicle, as stipulated by the vehicle manufacturer.
The policy also provides for scenarios wherein your vehicle might have been the cause of/ been part of an accident that resulted in the injury, disability or death of an individual (not directly related to you) or caused damages to a third-party property.
Most policies also include provisions to add additional protection for the various secondary components of the vehicle, including electrical/non-electrical accessories, fog lights, stereo system, mats and seat cover etc. Implementation of bi-fuel injection systems, such as for CNG or LPG, can also be covered.
The following add-on covers are optionally available, and offer features that might not be entirely covered in the original, comprehensive car insurance policy. These optional car insurance add-on covers offer additional teeth, to your already loaded vehicle insurance policy.
The Car Insurance Add On Covers mentioned above are just the tip of an iceberg. Insurers, in their own capacity, offer many more add-on covers that add additional value to the existing comprehensive car insurance policy.
“Based on IRDA Annual Report 2015-16 on Business Revenue of Insurers”
If you scan across a multitude of popular media, the ICICI Lombard car insurance review will be found to be very encouraging and superior as compared to its immediate competition. A robust, customer oriented and hassle free insurance plan, the ICICI Lombard Car Insurance is designed for the busy, on-the-move Indian. Packed with such features as immediate online policy issue, on-road assistance at anytime and anywhere, over 3100+ network garages and a series of thoughtful riders including ‘Zero Depreciation Cover’ and ‘Accidental Cover for Co-Passengers’, this policy works hard to qualify as the ideal car insurance option for you. No wonder, the company is an absolute trendsetter when it comes to car insurance.
The car insurance packages from Bajaj Allianz are a very popular option with the everyday Indians who are proud owners of their very own set of wheels. Feature rich, customer centric, transparent with easy documentation, Bajaj Allianz Car Insurance comes with such irresistible features as cashless claims at over 1500 garages across India, competent 24x7 customer service, easy claims assistance and the option to purchase and renew the policy online. The handy Bajaj Allianz car insurance calculator available on our website, helps you pinpoint the exact dynamics of your investment and stay on top of things. The Bajaj Allianz Car Insurance is a solid loan option that has enjoyed immense popularity and support from the point of its inception.
The car insurance package from Reliance, one of India’s iconic conglomerates, is tuned to be highly customer oriented, hassle free and reliable. The list of features and benefits are many, including, limited documentation, cashless facility at 2100+ member garages across India, easy and hassle free claim settlement as well as comprehensive on and off the road insurance that is in line with international standards and configured to take minimum time, minimum efforts and impart maximum feedback and consequently, peace of mind. Reliance Car Insurance has managed to build a staunch following in India, comprising mainly of the busy, always mobile, quality conscious and technology driven Indians.
With such unique features as free car pick up in the event of an emergency, direct and hassle free settlement within 7 days, no claim bonus protection and coverage for non-core accessories like glass and plastic parts, Tata AIG was bound to be a key player in the car insurance segment- and the Tata AIG Car Insurance review from a plethora of satisfied customers amply proves this. The company is a collaboration between two business behemoths, the Tata Group and the American International Group, Inc. (AIG), thereby assuring that professionalism, domain expertise and quality are part of the deal when you purchase car insurance from Tata AIG. If you seek a robust, scalable and reliable insurance option for your cherished set of wheels, then Tata AIG Car Insurance is one of the best in the industry.
The age old adage of ‘with experience comes perfection’ sits well with the Royal Sundaram Insurance Company. Licensed since 2001, the Royal Sundaram Car Insurance is a feature rich package that pales its competition in terms of the sheer customer centric options offered. 1800+ cashless garage network across India, 24x7 claims assistance, unlimited claims for zero-depreciation cover and free roadside assistance in the case of emergency makes the car insurance policy from Royal Sundaram a definite advantage. Enjoy peace of mind, cut loose and stretch your car’s running legs with a policy that is designed to have you covered at all times. Burn some rubber without worrying about a flat tyre, a breakdown or accident, Royal Sundaram’s assistance is with you anywhere and everywhere.
A car insurance policy that’s designed to protect your car, and importantly its passengers and you; Bharti AXA Car Insurance is a clear crowd favourite. Based on a multitude of customer feedback, the car insurance can be pegged as being exceptional, extremely car owner friendly and with a short turnaround time in terms of claim settlements. The essential features of this car insurance policy includes cashless servicing at 2000+ network garages across India, easy 24x7 claim assistance that is backed by a hassle free claims settlement process, and a string of helpful add-on covers. As one of the most popular general insurance companies, Bharti AXA has established its credibility on the back of quality driven processes and adoption of their cherished customers’ concerns as the guiding light that prompts the introduction of newer insurance products. No wonder, when it comes to Bharti AXA car insurance review, there are cheers everywhere!
What happens when an Indian banking giant meets a world-beating general insurance pioneer? You get HDFC ERGO General Insurance and its premier product, the HDFC ERGO Car Insurance an insurance policy that is close to the popular public expectations, this car insurance comes loaded with lots of customer centric features and benefits. The list includes cashless claims service at 1600+ member garages across India, a dedicated and expert customer support team that’s always at your beck and call, easy and hassle free claims process and instant online policy issuance and renewals. HDFC ERGO has established itself as a premier car insurance product amongst the discerning Indian public.
Know More About Top Car Insurance Companies in 2016
In principle, the act of purchasing your car insurance online saves time, effort and the expenditure of money and patience, to varying degrees. Elaborating, the perks of latching onto a online car insurance policy are summarized as follows-
Hassle Free Process- Unlike visiting an actual outlet of the insurer, the online car insurance application process is simpler and quicker. Plus, there are no documents to submit or verifications to affect immediately. Thus, within a very limited, clearly defined steps, you are the proud owner of a comprehensive car insurance policy. All of this, from the comfort of your abode or the workstation at your office!
24x7 Coverage- The inherent speed of policy issue that is a principal characteristic of acquiring a online car insurance plan ensures that you are never without coverage. With the purchase of your car insurance online, get instantaneous policy issue with e-copies of the policy that can be accessed anytime, anywhere and printed out.
Everyone is Doing it- Most of the domestic and international car insurance providers operating in India provide the option to purchase or renew your car insurance online. It’s all about customer comfort, right?
The other benefits of subscribing to the e-route include the freedom afforded to you when choosing from a big list of insurers via their online profiles, and the option to conduct business the electronic way without involving money in its physical form. Bottomline, the manifestation of car insurance online is here to stay!!
A car insurance policy offers comprehensive protection and safeguards against legal hassles & expensive repairs in case of a mishap involving the insured car. Choosing the right car insurance can be quite tasking. Not all the policies available in the market gel well with your expectations. It is important to engage good amount of time and resources in learning about benefits & features of policies available in the marketplace to ensure you get the best car insurance policy.
Some of the key considerations should revolve around the following points.Claim Settlement Ratio
Money plays a pivotal role in choosing the right car insurance policy. At the end of it, we would like to have a policy that has the best features at a nominal price.
A customer friendly insurer understands that efficient customer support is key to customer satisfaction & invests fair amount of resources in building an efficient customer service team.
In addition to the above, smaller facets such as network garages & workshops, cashless benefits, brand value should be explored before buying a car insurance.
Car insurance protects the interests of a car owner and safeguards it against expensive repairs and damages caused to self, the insured car and third party. We must take utmost care while driving by following traffic rules and by navigating safely to our destination. Having said this, there can be an unfortunate accident involving the car resulting in damage and/or casualties. In such situations, the car insurance comes handy, helping you to meet the financial obligations relating to the mishap.
The claims procedure can be complex if you do not understand the dynamics surrounding it. Let us tell you more about how you can make it an easy experience.
In case of a major accident resulting in heavy damage to the car,
If the mishap involving your car resulted in damage or casualty to a third party that requires medical attention, shift the victim to a nearby medical facility immediately and call the insurer. The representatives will instruct you further on the action points.
If the car is stolen,
The modern world is online 24x7, affecting everything from shopping to clearing out EMIs with ease and reliability. Why must you wait in line to subscribe to a good car insurance policy? Banks has woken upto the advantages of offering car insurance renewal online and are ably supported by third party websites that compare the various available insurance policy products. The inherent procedure is as simple as-
In the modern context, purchasing car insurance online has emerged as a popular option amongst busy people, especially working professionals dwelling in the metros and other big Indian cities. Car insurance companies too have woken upto the latent potential of offering motor insurance online, hosting comprehensive web portals that simplify the procedures of gaining information, signing up and renewing car insurance policies through the magic of the World Wide Web. How can you purchase car insurance online? Read on…
The World Wide Web has simplified our lives in a whole range of ways- the option to buy car insurance online being one such uber convenience. Ditch the long lines and the confusion, compare and purchase your motor insurance policy online.
This is a very good question. Why bother with the chicken when you are a Vegan, right? Primarily, the following five reasons should answer your query:
Under the provisions of the Motor Vehicles Act of India, all vehicles that operate in public places must have a car insurance policy as a mandatory document. At the very least, the policy must cover ‘third-party liability’, that is, a cover in scenarios where your vehicle was the cause of an accident that resulted in injury, loss of property and/or death of a third party.
According to recent estimates, every 6th car crash in the world happens in India. This is staggering odds and a likely indication that your car could very well end up on the side of the road one of these days, after a brutal crash that could have resulted in injury, death and of course, massive losses in terms of repairs and replacements for your car. At that instance, the compensation and charges could run into several thousand or lakhs of rupees that may not be immediately available. However, with Car Insurance, there is complete peace of mind - paying a nominal premium today, to be tension-free when an unforeseen accident happens at a later date.
Accidents are stressful on their own without having to deal with the question of ‘What next?’ With your car insurance, comes your insurer’s expertise in handling these tense situations. Walking you through the claims process, helping you find a good garage and settling your claim on time - things that you will be thankful for when dealing with the aftermath of an unfortunate road accident.
Most Car Insurance policies offer coverage for injuries that might be sustained by you and your fellow passengers as a result of your vehicle’s accident. If not, personal injury protection can be purchased as an add-on feature. This acts as a powerful supplement to your health insurance - additionally covering for items that might not be covered by your health policy, including specialist care for accident-related injuries, dental repairs, funeral costs etc.
Just imagine, cruising on an open highway or wriggling through rush hour traffic without overtly worrying about the consequences (mostly financial) of a freak accident or an ‘innocent’ brush-up with an adjoining vehicle. Not having to pay for the mistakes of others. That’s mental peace - in it’s purest form!
In today’s fast paced world, getting things done online is nothing short of a divine boon. Car Insurance renewal online is today’s reality, and quite a popular one at that. Almost all car insurance companies in India provide their customers the option to renew their policies online, through simple net banking transactions, or the safe usage of credit/debit cards.
In the bargain, the customer saves valuable time, saves on the basic impetus of money as well as saves his/her often understated patience. The insurers on the other hand, offer this simple online renewal option and are assured of more inquisitive interest from their target audience, greater number of loyal repeat customers, and sizable savings in terms of setting up and maintaining the offline infrastructure. Online policy renewal is here to stay!
When it comes to finding the best Car Insurance policy that works for your specific requirements, all you can do is ‘compare, compare and compare’. Our expert customer support team is always at hand to help you with your queries, and our uniquely simple website pays loads of respect to your need for functional beauty, user experience and simplicity of operation.
Simply, follow the flow and discover the best Car Insurance in tow. We wish you a lifetime of safe and happy driving…and the comprehensive protection of a robust Car Insurance when bad times strike on the road.
Yes. According to prevalent motor vehicles laws in India, every vehicle plying on Indian roads must be insured.
Yes. Infact, the option to buy car insurance online is often highlighted by most compliant insurers as a surefire means to stay covered 24x7 and never run out of the applicable coverage.
When deciding upon the applicable premium amount, many factors are at play. Different companies charge different rates, based on differing criterias, when it comes to own damage cover. Also, deductibles and the IDV factor play a part when the premium amounts are decided upon. Shop around, and find a policy that best matches your requirements- ideally, avoiding a scenario wherein the premium might be less but the deductibles are high and the coverage and IDV are low.
No Claim Bonus, or NCB in car insurance is the benefit awarded to the insured for not making any claims during the previous policy period. Currently, this bonus ranges from 20% on the Own Damage premium upto a maximum of 50%. Note that this doesn’t apply on liability premium.
Yes. The applicable service tax is in line with the regulations set by the Insurance Regulatory and Development Authority of India (IRDA).
Getting a duplicate copy of your insurance policy is very easy. You could either approach your insurer’s office for the same or, if you have procured the car insurance online, print-out the soft-copy of the policy that was forwarded to you.
The Insured’s Declared Value (IDV) refers to the current market value of your vehicle as fixed by your car insurance company. The IDV comes in handy when claims are raised in cases of theft or total loss of the vehicle. Your insurer arrives at your vehicle’s IDV by pitting the manufacturer’s listed selling price against the commonly adhered to depreciation percentage.
Commonly offered as an Add-On, the Zero Depreciation Cover offers full settlement on your claim without the usual deduction affected for depreciation (or periodic reduction in value of the vehicle/automotive parts due to natural wear and tear caused due to normal usage). Deduction due to depreciation is a common factor with the normal car insurance.
Car insurance premium rates differ from one company to another based on their own internal protocols. The company calculates your premium based on these factors- a) The risk posed by you to the insurer, b) the insurer’s operational costs, c) the estimated money that the insurer is likely to pay as settlement through the year.
The simplest way to calculate your car insurance premiums is with a good Car Insurance Premium Calculator. While most lending banks offer this facility on their websites, competent third party calculators are also readily available.
Third party motor insurance doesn’t cover you and your vehicle. Its major purpose is to protect you against any liability that could arise from your vehicle’s involvement in an accident that led to the loss, damage, injury or death of third party property or individuals. Summing up, the following is covered-
Of course it is necessary to update your change of address at RTO as well as inform your motor insurer. You can get in touch with your insurance provider via their toll free number, email or in person. You can do this online as well. Just go to the official website and enter the details in the required columns.
After informing your current car insurance provider, please submit the documents mentioned below.
Being a safe driver, you certainly deserve a reward. But when it comes to earning it abroad, there are some slight variations to the eligibility. An insurance user can be granted a No Claims Bonus (NCB) on a new car insurance plan taken out in india as per the eligibility earned overseas. But this is applicable only if the scheme is taken out in india within three years of expiration of the international car insurance plan, depending on applicable provisions of NCB as per these rules and regulations..
This is exactly why third party cover is mandatory for all car owners. Car insurance is there to safeguard you when the unforeseen occurs. But when your own actions on the road cause a mishap, this cover becomes even more crucial. And yes, medical expenses are also covered in the third party car insurance, mandatory for all car owners.
Get complete information about the add-ons available to be integrated into your car insurance policy for additional coverage.
Set reminders for your car insurance renewal dates so you never miss your policy's renewal date. The early bird always stands to benefit.
False declarations will come back to haunt you. Your car insurance policy will lapse immediately if any incorrect information is found at any stage of your coverage period.
Some cars come with enhanced built-in security features such as anti-theft alarms, immobilizers and other systems that give potential thieves nightmares. With a low probability of theft, such cars can be insured for less premium. Note that only Automotive Research Association of India (ARAI) approved devices will fetch a 2.5% discount on your premium.
The city where a vehicle is registered determines premiums. Cars in metropolitan cities have to pay higher premiums as the incidence of vehicle thefts and accidents is higher.
Vehicle make and model and potential risk factors associated with it is a factor. For instance, some makes and models fare better in collisions than others so injuries to occupants and damage to the car would be less severe.
The insurance premium amount will always be less if you haven't made any claims before. The no-claim bonus percentage plays a major role in determining your premium amount. So think twice before scurrying to your insurer for a miniscule scratch or dent.
Additional cushions you may consider such as cover for CNG/LPG kits, key replacement costs, road-side assistance etc. will increase your premium amount.
According to Suzuki Motor Corporation, India is all set to have the third-largest car market in the world by 2020. Considering that Maruti Suzuki has a hand in more than 50% of the passenger vehicle segment in the country, they wish to play a huge role in ensuring that India reaches the third spot by 2020. At the Geneva Motor Show, Kinji Saito, Executive General Manager and Managing Officer (Global Automotive Operations), Suzuki Motor Corporation, said that the company has begun operations on a new production facility - to meet the required demand. He expects the production plant to roll out 2 million units by 2020.
21st March 2017
Following a statement issued by the Transport Department, as of April 1, 2017, vehicles without a vehicle insurance will not be able to undergo a fitness test. The Transport Department has newly launched their new online data platform where individuals owning a vehicle would have to enter their insurance details. Now, owners of the vehicles have to present physical documents to the RTA office for fitness certificate and then the officials later would verify the papers before forwarding the application.
21st March 2017
MD Pawan Goenka, recently stated that they are planning to remodel the Mahindra Verito to cater to the Indian taxi market. After the disappearance of the most popular car Ambassador, Indian taxi market did not know which car to choose. Therefore, Mahindra and Mahindra LTD. has planned has planned to redesign Verito to fill the void. Ambassador was sold to a French company PSA Group this year which forced the automobile manufacturing company to redesign their existing car. Mahindra is taking all the possible steps to occupy the space left by the brand Ambassador.
20th March 2017
To trim costs, Tata Motors will now offer VRS option to their employees. This is an initiative that is a part of company restructuring. A spokesperson from Tata Motors confirmed that they have already finalized the top two levels of their management and that a proposal on VRS package has been approved the board. So far the number of employees who will be offered Voluntary Retirement Scheme is not known. This is not the first time this Mumbai-based company is offering VRS option to their employees. They offered the same option in the year 2015. Currently, Tata Motors has more than 60,000 employees globally.
20th March 2017
Tata Motors will be participating, for the 20th time, at the International Motor Show to be held at Geneva. The company has been showcasing concepts and prototypes at the show since 1998. This year, Tata Motors will be introducing its sports car at the show.
The vehicle will be the first car to be launched under the new sub-brand of the company, TAMO. The new segment will have niche models incorporated with advanced technologies. Tata Motors stated that the introduction of TAMO will help in co-designing the automotive footprint of the country.
The Geneva International Motor Show has also witnessed the introduction of Pixel and Megapixel from Tata Motors. The last year saw the introduction of TIAGO, TIGOR, and HEXA Tuff.
17th March 2017
As per the law, it is mandatory for every vehicle owner to have third party insurance while own insurance cover is optional. For FY 2017-18, it has been proposed to raise the cost of insurance on most categories of vehicles by almost 50%. This means that the premiums for third party insurance will rise significantly. The reason behind this is that the government wants to take off the cap on the liability borne by insurers in the event of a claim that involves injuries and death due to road accidents. If the limit on the liability is removed, this means insurance companies will have to bear a higher risk and may have to shell out more on settling insurance claims. Certain categories have not been included in the premium hike that include smaller cars such as the Maruti Suzuki Alto, Tata Nano and the Datsun Go. Mini trucks and Pick-up vans have also been exempted from the hike.
16th March 2017
Maruti Suzuki India (MSI) reaffirmed the pole position in the domestic passenger vehicle market, as 8 of its models stood in the top 10 selling positions. There were 6 Maruti models that acquired places in the top selling passenger vehicles (PVs) list in January, 2016. The company is now driving towards a market share of 50% in this segment.
Maruti Alto took the best-selling model tag this year, with sales of 22,998 units, as opposed to 21,462 units in January 2016. The compact sedan, Dzire from Maruti took the second place with sales of 15,087 units in comparison to 14,042 units last year. Wagon R was at the third spot, selling 14,930 units. Swift took the fourth position, with sales of 14,545 units in January. Hyundai’s Grand i10 took the fifth slot, with sales of 13,010 units.,
Hyundai Creta and Honda City failed to make it to the list last month. MSI took 47.64% of the market share of passenger vehicles, selling 11,95,347 units between April 2016 and January 2017.
15th March 2017
Reliance Jio has partnered with US-based AirWire for managing its backend ‘Jio Car Connect’ device. In an announcement made last year in September, Reliance Jio has also mentioned that it is also in discussion with automobile companies to integrate the devices in cars. Jio will be manufacturing the OBD (On-Board Diagnostic) device in India. This OBD module can plug in the device and track and record engine and other car related data. All the data is recorded and displayed through a mobile app. AirWire also offers other car IoT solutions such as an LTE mobile hotspot device, with LTE broadcasts, voice services, and WIFI, etc. The recorded vehicular data can be generate on-demand from a potential buyer or be shared with an insurance company or RTO. Car makers such as Tata Motors, Mahindra, and Honda have also launched their own connected car solutions.
14th March 2017
Maruti Suzuki, India’s leading auto manufacturer, is set to ramp up its product strategy by introducing four new models and facelifts for 2017-18. Two cars that will receive facelifts are the Dzire and the Swift. The Swift is expected to be unveiled at the Auto Expo 2018. The Vitara Brezza petrol will also be launched. Maruti Suzuki’s plan for 2016-2020 was to launch 15 new models and facelifts in its range. Eight out of the 15 models have already been revealed and launched.The number of launches this year will be double compared to last year. For the fiscal year 2016-17, by February end, the car maker had already recorded a growth rate of 11%. The company plans on outperforming itself next fiscal.
13th March 2017
Regulator IRDAI (Insurance Regulatory and Development Authority) has proposed up to 50% hike in the mid-segment cards of 1,000 – 1,500, bigger cars, as well as SUVs. The proposal calls for an increase in premium to Rs.3,355 for cars up to 1,000 cc, while the increase proposed for bigger cars is Rs.9,246. However, there has been no proposal for increasing third party motor insurance premium for small cars that are up to 1,000 cc. There has been no change proposed for two-wheelers with engines up to 75cc. Meanwhile, IRDAI has proposed an increase in premium from Rs.796 to Rs.1,194 for sports bikes and super bikes with engines more powerful than 350 cc. The increase in premium has also been proposed for entry level bikes with engines ranging from 77 – 150cc and performance category bikes with engines from 150 – 350 cc. A 50% hike in premium rates has also been proposed for various categories of goods carrying vehicles. IRDAI has stated that proposed premiums have been based on accident related data from 2011-12 to 2015-16. This data has been provided by IIBI (Insurance Information Bureau of India).
10th March 2017