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    • Third-party insurance premium rates to increase from June 16

      The Insurance Regulatory and Development Authority of India (IRDAI) has released the new prices for third-party motor insurance premiums for FY20. The new rates are slated to come into effect from June 16. IRDAI had issued a draft in May, proposing a hike in the third-party insurance rates. After assessing the feedbacks, the industry authority has finalized the new rates.

      According to the finalized rates, cover for two-wheelers under 150cc will cost Rs.752, cars above 1000 cc and less than 1500 cc will have a third-party cover worth Rs.3,221. Insurance for new private cars 3-year single premium will cost Rs.5,286 (under 1000cc), for new-two wheelers under 150cc, the 5-year premium will cost Rs.3,285.

      06 June 2019

    • Suzuki Motorcycle set to reach 1 million sales in India this year

      Suzuki Motorcycles India is on course to reach 1 million sales in India by the end of this fiscal year. Currently, Suzuki is fulfilling the orders from its base in Gurgaon. However, the company has now initiated a feasibility study for setting up a second Greenfield Plant in India. Suzuki is expecting to achieve total sales of 8.6 lakh units in the domestic market by the end of this year. The company is expecting an additional 1.1 lakh in sales from exports.

      Suzuki is expecting a growth of 23 Per cent according to Koichiro Hirao, Company Head. He stated that if the current trends and momentum continues, the company may hit the million mark by the end of this year. However, Suzuki's priority right now is to expand the network of dealerships and reach new markets. If Suzuki hits the 1 million mark this year, the company will have to find the new capacity to address future demand.

      04 June 2019

    • ICICI Lombard Embraces DIY Solutions to Enhance Customer Experience

      The market has become immensely competitive in the recent times. With the competition rising steadily over the generation, every insurance provider and company in the sector is coming up with digital initiatives and solutions to render customer experience better and satisfying. The world has become hyperconnected in the 21st century and keeping up with this pace, ICICI Lombard has launched a Do-It-Yourself, more commonly known as DIY solution wherein people can manage their claims. This DIY solution will also benefit the insurance providers and network partners at multiple stages of the policy booking and claims process. The main aim of this solution is substantially reducing turn-around times, completely obscuring non-value adding components, and enhancing efficiency with an increased control on parameters such as quality that in turn will lead to an increase in customer satisfaction. ICICI has established a mobile application solution that allows customers to upload pictures of their vehicles in case of a policy break in cases of usage of mobile technology. This further helps the company understand the pre-existing damages while an AI solution determines the damages incurred by the vehicle. The customer, in this case, receives instant approval for his/her policy.

      31 May 2019

    • Reliance General Insurance may be purchased by Hero FinCorp

      Hero FinCorp is the retail lending arm of Hero MotoCorp Limited. The company is now in advanced talks with Reliance General Insurance from Reliance Capital. The estimated cost of the deal might be ranging between Rs.5,500 crore and Rs.6,000 crore. This is because Reliance Capital is looking for ways get rid of some of the Rs.18,000 crore debt the company has. The deal will bring down the debt down to Rs.9,000 crore. Reliance General Insurance is currently 100% owned by Reliance Capital. It was initially thought that the company will be planning to sell 49% of the company. But it now looks like the company is planning sell the entire company. It is not yet known if Ambani will retain a small percentage of the stake and remain as a junior partner. Hero FinCorp has starting to raise some funds by mandating Credit Suissse. Hero had earlier tried to tie up with Ergo to get a life insurance company license. Hero has been looking for opportunities in the financial services segment for quite some time now. It is also believed that Hero is in contact with Kishore Biyani for the stake he owns in Max Bupa and Future Generali.

      30 May 2019

    • Tribunal court shaves off Rs.6 lakh as insurance compensation as the rider did not wear a helmet

      If you take riding without a helmet lightly, then apart from compensating on your safety, you’re in for a huge shock. Recently, the he Motor Accidents Claims Tribunal in Madurai awarded an accident victim Rs.45.6 lakh as he/she was grievously injured, and the injuries could very well be permanent. However, just because the pillion rider was not wearing the helmet, the Tribunal court has reduced the compensation that the insurance company has to pay out to Rs.39.5 lakh, 6 lakhs less than the actual insurance compensation amount. The accident took place next to Avaniyapuram bypass road in Madurai in 2013 and the victim was grievously injured when another bike collided head on. As per the reports, the victim suffered brain damage and was hospitalised for a period of 3 months in a private hospital. However, to avoid the payout, the insurance company testified that the victim maneuvered his vehicle without any proper signal. The reason was overlooked by the Madras High Court, but for the negligence of the rider and pillion rider who did not wear helmets, the judge cut 15% of the payout and ordered the insurer to make a payout of Rs.39.5 lakh.

      29 May 2019

    • Motor Insurance policies to get more expensive

      Just last year, the Supreme Court of India mandated the sale of long-term third-party insurance policies for 4-wheelers and 2-wheelers. Now, car owners will have to buy the 3-year third party insurance policy and bike owners will have to purchase the 5- year third-party insurance policy. That said, with 3 –5 premiums in one shot, vehicle owners will not need to worry about the hassle of renewing their car insurance policy but the premiums will get dearer. That said, the IRDAI has now revised the annual premiums, and those who will be purchasing a policy after June or July will have to pay more for their third-party insurance policy. For cars below 1,000 cc, the premium will be raised from Rs.1,850 to Rs.2,120, cars above 1,000 cc and less than 1,500 cc the premium will cost Rs.3,300 from the previous Rs.2,863. That said for cars above 1,500 cc, the premium will remain at Rs.7,890. Foe 2-wheeler up to 75 cc, the premium will be raised marginally to Rs.482 from Rs,427, and vehicles up to 150cc, the premium will be increased by Rs.32 to Rs.752. For bikes up to 350 cc, the premium will be Rs.1,193 from Rs.985, and the premium for vehicles above 350cc, the premium will remain unchanged.

      27 May 2019

    • Policy renewals might reduce with the implementation of new rules

      While the increase in the third-party premium has not affected the sales of two wheelers and automobiles, insurers are suggesting that the increase in the costs of the premium might affect the renewal rate of the auto insurance. The Insurance Regulatory and Development Authority of India (IRDAI) has proposed an increase of third-party cover. This increase will be 20 percent for two wheelers with engine capacity ranging between 150 cc and 350 cc and 15 percent four cars. It was made mandatory by the Insurance Regulatory and Development Authority of India for the general insurers in the country to offer long term insurance plans to new car buyers. This combined with an increase in the personal accident cover resulted in the increase of the insurance costs for two wheelers. The increase is estimated to be ranging between 10 percent and 19 percent. This is one of the main reasons for a drop in two wheeler sales. The new rates will mostly be implemented at the start of the month of June. The IRDAI is waiting for comments from the stakeholders and will make the decision accordingly.

      22 May 2019

    • Proposal to increase the third-party insurance premium for four wheelers and two wheelers by IRDAI

      The insurance for third-party insurance policies can be expected to go up as the regulator IRDAI has proposed an increase in the premium rates for the current financial year.

      The Insurance Regulatory and Development Authority of India (IRDAI) has proposed an increase in the third-party insurance premium rates for four-wheelers and below 1,000 cc to Rs.2,120. The rates were pinned at Rs.1,850 earlier. The regulator has also proposed an increase in the premium for cars between 1,000 cc and 1,500 cc to Rs.3,300 as opposed to the existing Rs.2,863 mark. However, no changes have been proposed for the cars with an engine capacity of more than 1,500 cc. The rate for these cars stays pinned to the existing Rs.7,890 mark. IRDAI has also proposed a hike in premiums for third-party insurance for two-wheelers. The changes include a hike to Rs.482 for two-wheelers below 75 cc, as well as, a hike for two-wheelers ranging between 75 cc and 350 cc. The insurance premium for two-wheelers with a capacity of more than 350 cc does not get a hike. The regulator has also proposed a discount in premium rates for electric vehicles.

      21 May 2019

    • Royal Enfield setting up a new plant this financial year

      Royal Enfield is one of the largest premium motorcycle manufacturer in India. The company is now planning to invest Rs.700 crore in the form of capital expenditure for the present financial year. The amount allocated will be spent on constructing a technology centre, developing new products and platforms, and the constructions of the phase-2 of the plant in Tamil Nadu. Close to 8.22 lakh units were sold by Royal Enfield in the last financial year. The production capacity guidance value was 9.25 lakh. This was reduced from the initial target of 9.5 lakh set by the company. Royal Enfield is planning to produce 9.5 lakh vehicles for the 2019-20 fiscal. The current production capacity of the company stands at 90,000 units a month which is close to 10.8 lakh units every year. Building of phase 2 of the plant will help the company produce 25,000 more Royal Enfield bikes every month. This will help increase the production capacity of the company to 13.8 lakh. Sales of the bike reduced by 13% during the January-December quarter. The company is hopeful of achieving a growth rate of 16% this year.

      20 May 2019

    • India Eyed by Blitz for Speedy Electric Motorbikes

      Addressing the need to travel long-distances in minimum time and at a high speed, Belgium-born Raphael Moszynski launched Blitz Motors, an organisation that develops high-speed electric motorbikes, targeted primarily at the corporate sector. The company’s Tel Aviv garage is currently lined up with electric motorbikes for chains such as McDonald’s and Domino’s Pizza. This development and subsequent launch of electric motorbikes has emerged from the need to travel at a high speed and the fact that there are basically no fast electric motorbikes traveling at a high speed. Furthermore, mainstream gasoline-fueled motorbikes take a lot of effort and cost a lot of money for maintenance. The electric motorbikes produced by Blitz Motors are highly efficient and they can reach a speed of 120 kph. They are also capable of driving large distances, way more than a regular gasoline-fueled motorbike. The motorbikes developed by Blitz operate via smartphones, not keys, unlike traditional motorbikes. Even though the high-speed motorbikes are developed in China, their designs are done in Israel, along with the battery production and various other electrical parts. The Israeli company is currently eyeing India to set up shop. They are already done with setting up a distribution model for the local Indian market.

      13 May 2019

    • Digit Insurance Surpassed Customer Base of 2.8 Million

      Digit Insurance is one of the reputed, most popular motor insurance company operating in India, in today’s date. Currently, the company offers motor insurance, jewelry insurance, mobile insurance, and travel insurance, among other types of insurances. The company is believed to sell health insurance to customers very soon. Recently, Digi Insurance announced that its customer base has crossed 2.8 million and has closed close to 35,000 claims with a collection of USD 174 million as premiums in the previous financial year. The company’s hidden trick of the trade is to keep things simple and use technology advancement as an enabler to foster growth and accomplish many milestones. With 174 million as a premium collection for the last fiscal year, the company’s Net Promoter Score (NPS) currently stands at 72%. Furthermore, during the fourth quarter of financial year 2018-19, the company hugely gained a 2% market share in the motor insurance category. Moreover, the company currently has a Claim Settlement Ratio (CSR) of 96% for the private sector, 97% with respect to two-wheelers, 100% for domestic travel insurance, 99% with respect to international travel insurance, and 97% with respect to mobile insurance.

      12 May 2019

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    Customer Reviews

    • United India Two Wheeler Insurance
      "Reasonable price policy"
      0.5 3.0/5 "Satisfactory"
      I just purchased the policy from United India and the policy got expired hence i don't have any experienced. I did not avail insurance at any time. Through online i have purchased this policy. Whoever offers for the better IDV and better premium, i go with them. I have paid the premium amount which is reasonable. I have got my no claim bonus.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2019
    • Bajaj Allianz
      Bajaj Allianz Two Wheeler Insurance
      "Good long term policy"
      0.5 3.0/5 "Satisfactory"
      I had a chosen the Bajaj Allianz policy through online. Since the premium is less i have chosen Max bupa actually the policy is going to expire hence i have renewed the name. Recently i have taken a 3 years period policy. They are providing me a coverage value which is a satisfactory one. Since i don't have any claim experience earlier, i have got my no claim bonus and its a zero depreciation policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 14, 2019
    • Tata AIG Two Wheeler Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      My showroom people has provided me a two wheeler insurance policy with the TATA AIG company. I paid the premium amount of Rs. 2500 and they have sent me the hard copy of the documents. They have given me a coverage amount which is satisfactory. The dealer has taken care of all the formalities.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2019
    • ICICI Lombard Two Wheeler Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I had no claim experience with the two wheeler insurance that i am using it since from last 8 years with ICICI LOMBARD GENERAL INSURANCE. The premium paying was lower also the IDV value is good. Coverage is for 100% full. I am using since from last 8 years. The customer support is good. Getting the intimation regarding the policy expiry on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2019
    • United India Two Wheeler Insurance
      "Easy process through online"
      0.5 4.0/5 "Great!"
      I have been using United India two wheeler policy around two years. I have Activa dio which has good insured value, I paid the reasonable premium around Rs. 1700 for one year. It has third party insurance. When I went for the renewal, I got the policy paper on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 13, 2019
    • ICICI Lombard Two Wheeler Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using the two wheeler insurance policy with the ICICI LOMBARD GENERAL INSURANCE where i had no claim experience also the policy has the premium of nominal added on that the IDV value is good with this policy. The policy coverage is for 1st party.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 12, 2019
    • HDFC Ergo Two Wheeler Insurance
      "GOOD POLICY"
      0.5 5.0/5 "Blown Away!"
      The two wheeler insurance policy has been using with the HDFC ERGO GENERAL INSURANCE where i am using it since from last few years, it has the no claim bonus of 20% and also it gives the 3rd party coverage. The premium paid was nominal and the IDV value is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 12, 2019
    • ICICI Lombard Two Wheeler Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      The premium was nominal after 3 years it was higher but the IDV value was same with the ICICI LOMBARD GENERAL INSURANCE. I had claim and the claim was lesser, the claim was 30% that i got. The coverage is for 3rd party and also accidental coverage is there for self.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 12, 2019
    • Oriental Insurance Two Wheeler Insurance
      "Its recommendable"
      0.5 4.0/5 "Great!"
      Reason to chose Oriental two wheeler plan, its near to my location, the premium is average as compared to others in the market only 100 rupees is different. I am not much interacted with the customer support but the back end team is doing good job. I have 2013 activa 3g bike for that I took comprehensive plan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 12, 2019
    • HDFC Ergo Two Wheeler Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      I am using the two wheeler insurance with the HDFC ERGO GENERAL INSURANCE since from past 5 years and i had no claim experience with this policy. The premium paid was nominal also the IDV value was satisfactory. The policy has the coverage for basic.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 12, 2019
    • Shriram Two Wheeler Insurance
      "Reasonable in the market"
      0.5 5.0/5 "Blown Away!"
      Shriram General two wheeler premium is reasonable and they gave me good IDV as well, I have 2015 model Yamaha FZ bike. I paid the premium around Rs. 2400 for one year, the insurer quoted me 67,000. They are sending the reminder, they have online option to renew the policy as well.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 12, 2019
    • ICICI Lombard Two Wheeler Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I hold my two wheeler insurance with ICICI Lombard and it was suggested by dealer initially. I don't have any claim experience. I have a Unicorn Bike which is 3.5 years old. I have purchased third party insurance and premium was around Rs.1800.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 11, 2019
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