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    • Bangalore dealerships report increase in two-wheeler leasing by 120% during lockdown

      OTO Capital, a startup which allow customers to lease vehicle has reported an increase in two-wheeler leasing by 120% during the lockdown period in Bangalore. The company said that more than 110 automotive dealers in the city have signed up with them for leasing of vehicles as an alternative model of financing to their customers. Ever since the national lockdown restrictions has been eased, there has been a surge in demand from consumers, with 28-30% of auto buyers enquiring about leasing options instead of vehicle loans.

      OTO has witnessed a surge in demand for vehicle leasing by more than 120% increase from dealers as compared to February this year. OTO Capital has already received over 5000 applications for low and mid-range models. In the month of June alone, the company has successfully leased more than 120 two-wheelers in Bengaluru.

      Dealers are now actively recommending vehicle leasing to customers who are doubtful regarding taking long-term bank loans currently.

      The recent BS-VI norms have propelled the cost of buying vehicles during an industry-wide slowdown. Dealerships reported that in recent weeks, consumer demand has started going up slowly but there is a preference for affordable models, especially in the two-wheeler market.

      8 July 2020

    • Hero MotorCorp releases a digital platform for the sale of their vehicles

      THero MotorCorp has announced its new initiative, eSHOP which, to keep up in the times of social distancing, aims to help customers purchase two-wheeler vehicles from their homes. The company is also offering their after-sales services as well through the mobile application where customers can check their service history, book a slot for servicing, and maintain job cards for their vehicles.

      In the press statement, Hero MotorCorp announced the launch of the integrated online sales platform, eSHOP which will provide an end-to-end shopping seamless shopping experience for customers and is completely digital. The purchase-related information and action requests are built in the system and customers can choose their preferred motorcycle or scooter from the company website.

      The integrated platform also helps customers every step of the way, including the relevant information required before purchasing a vehicle. The buying and delivery of the vehicle along with its latest on-road price, Live Stock Status, document submission, dealer intimation, etc. Is all available on the platform. Moreover, the sales order preview and confirmation, VIN allocation and delivery status as well will be available.

      Understanding the importance of safety in times like these, the company also has launched various digital aftersales services which include a digital service job card, acknowledgement receipt, app-based service booking along with the increased duration of workshop operations.

      1 July 2020

    • Truck operators write to IRDA, and seek for extension of third-party vehicle insurance, government defers deadline

      The government has deferred the deadline for the renewal of the third-party insurance for vehicles until 15 May, and the extension has been granted for all statutory compliances like fitness certifications and national permits right until 30 June.

      The premium for the third-party insurance will have to be paid while buying the vehicle or at the time of renewing the insurance policy.

      The All India Motor Transporters' Congress (AIMTC) sought an extension of the motor insurance for goods carrying vehicles, and this includes voluntary and third-party insurance valid before 25 March 2020, and the All India Transporters' Welfare Association (AITWA) has sought a three-month extension for the risk cover and there will be no extra premium.

      Abhishek Gupta, Joint Secretary, AITWA had said that the body has approached the IRDA chairman for reviewing the reduction in premium for motor vehicle for 2020-21. They had cited the copies of USA's motor insurance companies and these had given 25% waiver in premiums during this year.

      8 June 2020

    • Edelweiss General Insurance launches Edelweiss SWITCH

      Edelweiss has launched an app-based motor insurance own damage (OD) floater policy called Edelweiss SWITCH under IRDAI’s sandbox regulations. The policy is a driver-based one. In a press release, the company informed that under the policy vehicle owners will be allowed to switch their motor insurance policy cover on or off depending on the use of the vehicles. Under a single policy, multiple vehicles can be covered.

      As per Shanai Ghosh, ED & CEO, Edelweiss General Insurance, the policy has been developed keeping in mind the specific needs of today’s customer. He added that the policy will have lower premiums as you will be paying as per your usage.

      It must be noted here that as per the release, the regulator has been given approval for the policy framework under the ‘Pay as you use’ model. The model is expected to change the erstwhile industry standard of determining premium for Motor OD.

      3 June 2020

    • You can pay your insurance premium depending on the distance travelled

      There is now an option where you can pay your car insurance premium depending on the kilometres that you have travelled. Bharti AXA General Insurance has now collaborated with a popular insurance web aggregator for selling ‘Usage-based Motor Insurance’ policies for all private car owners. This will be under the IRDAI’s Sandbox project.

      This new usage-based insurance is known as ‘Pay As You Drive’, and this will allow you to pay the premium on your insurance based on the kilometres that your car has travelled. Car usage is varied across different users, and so, this product benefits people who do not drive their cars much.

      Under the new scheme, you can pre-declares the vehicle usage for a period of a year. Then, the insurance premium will be calculated depending on the pre-declared distance in km. You can choose from 2500 km., 5000 km. and also, 7500 km, as per your usage.

      The culture of shared mobility has made the usage-based motor insurance pertinent to all car owners, and now they can pay the premium based on their usage.

      28 May 2020

    • Lockdown 2.0 to affect car and bike movement in the country

      The ongoing COVID-19 lockdown has been extended for the third time and will be effective until 18 May. With the lockdown in effect, the Ministry of Home Affairs has announced a set of revised guidelines to be followed, especially for vehicles.

      Private vehicles which are for emergency services such as medical and veterinary care will be allowed for functioning throughout the day. The government has stated that only a maximum of two people in a four-wheeler vehicle and no pillion rider will be allowed on a two-wheeler vehicle.

      The Ministry of Home Affairs has stated that the all taxi services, auto-rickshaws, cycle rickshaws and cabs will not be working until the lockdown is lifted. The government has allowed the movement of harvesting machines and sowing machines and will be in effect from 20 April.

      The Supreme Court has allowed the sale BS-IV vehicles for 10 days after the lockdown is lifted with dealers constantly worrying about unsold inventory.

      21 May 2020

    • LGI upgrades its LivMobile App

      Mumbai-based insurance company Liberty General Insurance (LGI) announced the upgrading of LivMobile, its mobile app, with the aim to provide a digitally seamless experience to its consumers. It is understood that the app will have a highly intuitive interface and a customer-centric design.

      Three new features have been added by LGI that simplifies processes for customers. The ‘Click It, Claim It’ feature allows a customer to submit a claim in a completely hassle-free way through a mobile phone anytime and from anywhere. The ‘One-Click Quote’ feature sends a reminder to customers during the time of renewal as well as a quote with just a click of a button.

      Finally, the E-Locker feature allows the customers to store their insurance policies, including those availed from other insurers. Moreover, they get timely reminders when their premium is due so that they do not miss out on the due date.

      19 May 2020

    • ICICI Lombard shows a good March quarter show

      ICICI Lombard General Insurance Co. Ltd showed a decent show in the fourth quarter of 2019-2020 despite the coronavirus lockdown and the subsequent lockdown.

      The net earned premium growth is in line with the estimates given by analysts. Motor insurance growth was at 12.1% and health insurance grew by 11.3%. The growth in premium comes despite the lockdown that has been in effect because of the coronavirus outbreak. Even though the lockdown came into effect only during the last days of the quarter, the sales of motor vehicle and health insurance policies were affected. The sales of vehicles came to a standstill in the month of April and the recovery is expected to be slow post the lockdown. Social distancing also means that there will be less vehicular travel. However, the health segment showed decent growth due to the penetration of health insurance because of the coronavirus outbreak. However, the claims are expected to increase. However, an improvement in pricing could have an impact on the number of claims. According to HDFC Securities, the health insurance premium claims are expected to increase. However, they expect profitability to be protected because of higher pricing.

      6 May 2020

    • Honda, Suzuki gain market share despite a challenging FY20

      The sale of sales of motorcycles, scooters and mopeds dropped 18% in India during FY20 to 17.41 million units due to subdued demand sentiments and a nationwide lockdown dur to the outbreak of coronavirus hit volumes.

      Some of the other reasons why two-wheeler demand remained poor last year were spike in insurance costs, floods, restriction on sales in certain states, and poor demand from urban centres.

      However, the impact on the market shares have remained minimal despite the disruption. Hero MotoCorp, India’s largest two-wheeler manufacturer, ended its FY20 with a share of 35.77% as compared to 35.94% recorded in FY19.

      More than half of Hero's business comes from the non-urban markets from states like Uttar Pradesh, Rajasthan, Bihar and Orissa. The automobile company, which makes Splendor and Maestro models, witnessed a sales drop of 18% at 6.23 million units during FY20.

      Honda Motorcycle and Scooter India (HMSI) saw its share improve to 27.02% in FY20 from 26.06% in FY19. HMSI sold 4.7 million units last year, seeing a drop of 15%.

      HMSI began its Bharat Stage VI (BS6) upgradation in the middle of last year. The automobile company which is currently the second largest two-wheeler maker launched Activa 125, Activa 6G and SP125 models in 2019.

      TVS Motor Company saw its market share decrease last year as they did not launch any new model except for the electric scooter that was launched in limited numbers.

      23 April 2020

    • The Renewal date for health and motor insurance extended to 21 April

      The Ministry of Finance had stated in a notification sent out on 1 April 2020 that the renewal dates of health and motor insurance policies which will be falling in the period of 25 March 2020 and 14 April 2020 will be extended to 21 April due to the ongoing lockdown.

      The renewal date has been extended by the Ministry due to the lockdown and more importantly, if the insurance is not extended on the date of renewal, they will not be applicable anymore. In cases of health insurance, there is a grace period given for the renewal date. However, third party motor insurances lapse if not renewed on the renewal date and there is usually a penalty involved. With this extension, the policies which are existing and are due for renewal from 25 March to 14 April can be renewed until 21 April 2020.

      14 April 2020

    • Fears over unsold BS-IV inventory being turned into scrap

      Fears are looming large over the unsold inventory of BS-IV category two-wheelers being turned into scrap. This is due to the economic slowdown following the coronavirus pandemic as well as the last date for moving over to the new BS-VI category being 30 March. There have been intimations from certain regional transport offices that registration of older vehicles with Bharat-Stage IV emission standards will be stopped after 20 March 2020. Inventories for two-wheeler dealers range up to 30 days now. As of 1 March, there were nearly 7 lakh units of two-wheelers of the BS-IV category that were priced at an average of Rs.55,000. The government of Gujarat stated that BS-IV vehicles would not be registered after 25 March.

      13 April 2020

    • COVID-19 Insurance Premium Relief Measures Announced

      According to reports, the Government has given a greed signal to motor and health insurance policyholders to defer payment of their renewal premium outstanding between 25 March 2020 and 14 April 2020. Policyholders can now pay their motor and/or health insurance premiums on or before 21 April 2020 to avoid any late payment penalty.

      The recent announcement comes from the Finance Ministry at a time of a 21-day lockdown of the COVID-19 pandemic.

      7 April 2020

    • IRDAI holds back expected 3rd party insurance rate hike

      In an attempt to extend relief to all individuals who have motor insurance, IRDAI (Insurance Regulatory and Development Authority of India) has now held back the anticipated increase in the annual premium for mandatory Third Party (TP) policies.

      Dated 27 March, the order by the IRDAI had said that the validity of premium rates for Motor Third Party Liability Insurance Cover for 2019-20 will be extended beyond 31 March.

      The statement had also said that all the insurers will have to continue charging the rates that are currently being charged for Motor Third Party Liability Insurance Cover from 1 April 2020 onwards.

      1 April 2020

    • BS VI Harley Davidson motorcycles price range revealed

      US motorcycle makers Harley Davidson has recently updated the prices for the BS VI line up of its motorcycles in India. The ex-showroom prices for the motorcycles start at Rs.5.34 lakh for the base variant Street 750 and goes up to Rs.18.90 lakh for the Fat Boy Special.

      At present, there are 2 Street bikes, 4 Sportsters, and 3 Softails which are available in the BS VI variant. The motorcycles which are available under the BS VI line up are listed below: Street 750, Street Rod, Iron 883, Forty-Eight, Forty-Eight Special, Custom 1200, Low Rider, Fat Boy, and Fat Boy Special. The prices for the models mentioned above are as follows: Street 750 – Rs.5.34 lakh to Rs.5.66 lakh, Street Rod – Rs.5.66 lakh to Rs.6.55 lakh, Iron 883 – Rs.6.67 lakh to Rs.9.74 lakh, Forty-Eight Rs.9.89 lakh to Rs.11.09 lakh, Forty-Eight Special – Rs.10.98 lakh to Rs.11.46 lakh, Custom 1200 Rs.10.77 lakh to Rs.11.61 lakh, Low Rider – Rs.11.40 lakh to Rs.14.23 lakh, Fat Boy – Rs.14.38 lakh to Rs.18.75 lakh, and Fat Boy Special – Rs.18.9 lakh. All prices mentioned here are ex-showroom, Delhi. Harley Davidson has also announced the availability of the Street 750 and the Street Rod through the Canteen Store Departments (CSD) across India at a discounted price.

      27 March 2020

    • Prices of the BS VI variant of the Royal Enfield Interceptor 650 and Continental GT 650 revealed

      The BS VI law is due to be implemented at the end of the ongoing month. Effective from 1 April 2020, dealerships will not be able to sell the BS IV models of the vehicles anymore. In the light of the new law, Royal Enfield has revealed the prices of their flagship, twin cylinder, 650 cc twin motorcycles – the Royal Enfield Interceptor 650 and the Royal Enfield Continental GT 650. Reportedly, the latest iteration of the motorcycles has started reaching the dealerships across the country.

      No changes have been introduced to the motorcycles on the cosmetic end. They look identical to their previous iteration. The price increase for the motorcycle ranges from Rs.8,547 for the Orange Crush, Silver Spectre, and the Mark Three colours of the Interceptor 650 and goes up to Rs.9,615 for the Mister Clean Chrome version of the Continental GT 650.

      26 March 2020

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    Customer Reviews

    • Bajaj Allianz Two Wheeler Insurance
      0.5 4.5/5 "Excellent!"
      My two wheeler is insured with Bajaj Allianz and its a first party insurance. I have paid around 1400 to 1500 rupees for one year. I have no claims so far. I have not experienced with their customer service. I have received the insurance paper through email.
      Was this review helpful? 5
      , kanpur
      Reviewed on Mar 15, 2020
    • Liberty
      Liberty Two Wheeler Insurance
      "Best in the market"
      0.5 4.5/5 "Excellent!"
      I have been with Liberty General for past 4.5years because it offers more service on less price. I have done claims as well, the documentation part is not much. I have paid only 1K for the claim amount of 22 to 23K. I have a Honda Unicorn with first party insurance plus full cover.
      Was this review helpful? 0
      , kochi
      Reviewed on Mar 15, 2020
    • National Insurance Two Wheeler Insurance
      "Customer service need to be improved"
      0.5 3.0/5 "Satisfactory"
      Last time when my bike got accident, I have contacted the customer care service but those people were not responding properly. Showroom people when i purchased the bike, they have provided the two wheeler insurance from National. When i checked with the showroom people, they said it takes lot of time to get a insurance amount so i have paid the money from my hand.
      Was this review helpful? 4
      , chennai
      Reviewed on Mar 12, 2020
    • New India Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have chosen the two wheeler insurance policy from New India since the premium is less. I have renewed the policy through online. This is a first part insurance. I have paid the premium amount of Rs. 1,000. They have sent the document through mail by next day. I have not approached them for any kind of claim. I bought the policy on 3 months before.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 11, 2020
    • ICICI Lombard Two Wheeler Insurance
      "Satisfactory policy"
      0.5 4.0/5 "Great!"
      Purchased the two wheeler insurance from ICICI Lombard by this month. I have chosen it because the showroom people have recommended me about this company. I have paid the premium amount of Rs. 1800 including tax. They have given me a satisfied IDV value. This is a first party insurance. They have provided me no claim bonus also.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 11, 2020
    • Reliance General Two Wheeler Insurance
      "Easy and fast policy"
      0.5 4.0/5 "Great!"
      I used to purchase the two wheeler insurance from Reliance. They have good tie up with the garages hence its easy to do a claim. I got the insurance with the package when i bought the bike and i just keep on renewing it for almost 5 years. I renew the policy through online. I pay the premium amount of Rs. 5000 for the duration of 2 years. I haven't applied the claim till now hence they have provided me a no claim bonus. The policy is bit costly when i differentiate with others.
      Was this review helpful? 3
      , kochi
      Reviewed on Mar 10, 2020
    • Bajaj Allianz Two Wheeler Insurance
      "Affordable policy"
      0.5 4.0/5 "Great!"
      My two wheeler insurance was taken from Bajaj Allianz because they have given me a higher IDV value. I purchased the policy through online and the premium amount is comparatively less when i check with others. I have not applied for any claim till now. I have received a no claim bonus as well.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 06, 2020
    • National Insurance Two Wheeler Insurance
      "Good and payment is low"
      0.5 5.0/5 "Blown Away!"
      I took my two wheeler insurance from National because its a good company. I have been renewing the policy with the same company for almost 7 years. I pay the premium amount of Rs. 900. Through online, i used to renew the policy. I do not have any claim experience with this policy.
      Was this review helpful? 2
      , ludhiana
      Reviewed on Mar 03, 2020
    • National Insurance Two Wheeler Insurance
      "Nice policy"
      0.5 5.0/5 "Blown Away!"
      By the showroom people, I got the two wheeler insurance from National. I have paid the premium amount of Rs. 7000 for the duration of 5 years. They have provided me a IDV value of Rs. 1 lakhs. This is a third party insurance. They gave me a policy documents on time. I have not experienced of any claim till now.
      Was this review helpful? 2
      , kochi
      Reviewed on Mar 02, 2020
    • Universal Sompo Two Wheeler Insurance
      "Worst Insurance Company in Indian Market"
      0.5 0.5/5 "Unacceptable"
      Pathetic! Truth about this company - If you take insurance from them, you'll end up paying high premium (highest in market) and will get the worst service ever possible. Customer care won't reply to any of your query for weeks, won't pass claims and if for some reason your money is stuck with them, consider it's gone forever.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 02, 2020
    • New India Two Wheeler Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      Previously they have provided me a two wheeler insurance from New India but for the old vehicle they are not giving good IDV value. They are giving a IDV value based on the vehicle model. In the year of 2018, when i renewed the policy they have provided me a IDV value of Rs. 41000 but suddenly they have reduced upto 31000 so i have not continuing with them. In the year of 2016, i had applied the claim and they have done it in 1 month.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 02, 2020
    • ICICI Lombard Two Wheeler Insurance
      "Good Insurance plan"
      0.5 5.0/5 "Blown Away!"
      Chosen my two wheeler insurance from ICICI Lombard its because of the IDV value. I have paid the premium amount of Rs. 3200 for the duration of 2 years. They have provided me a coverage of Rs. 36000. By online, i have renewed my policy. I have got the mail immediately regarding the soft copy of the documents and i need to check about the hard copies.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 02, 2020
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