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    • Auto sales fall by 14% for the month of January

      The auto industry in India did not see any improvements in the first month of 2020. The industry showed no signs of revival even after months of slowdown.

      According to the data given by the Society of Indian Automobile Manufacturers (SIAM), the auto sales for January 2020 has fallen by 13.83% when compared to the same time last year. The number of units sold in January 2020 is at 17,39,975 when compared to the 20,19,253 units sold at the same time last year. The two-wheeler segment saw a drop of 16.06% when compared to the same time last year. In January 2020, 13,41,005 units were sold, when compared to the 15,97,528 units sold the same time last year. In the two-wheeler segment, Hero MotoCorp saw a drop in sales by 14.37%, while Mahindra saw an 82.71% drop in sales. The production of vehicles reduced by 10.57%, while exports increased by 15.02%. The stricter BS-VI norms, fuel volatility, and the increasing cost of ownership were some of the reasons why there has been a slowdown in the industry. Hyundai Motors India and Honda Cars India saw a fall in sales by 8.30% and 70.98%, respectively. However, Maruti Suzuki India saw a 0.29% growth in sales for the month of January.

      12 February 2020

    • Government encourages increased compliance with third-party vehicle insurance

      The Government of India is encouraging vehicle owners to buy third-party vehicle insurance in order to be financially covered in case of liabilities during an accident. A pilot scheme is being worked out by the Insurance Regulatory and Development Authority of India (IRDAI) in the states of Bihar, Rajasthan, Karnataka, and Telangana to collect data regarding vehicles that were uninsured and insured. To increase compliance, messages would be sent to vehicle owners who have not availed third-party vehicle insurance. This program has already been launched in Telangana. Four-wheeler insurance is now mandatory for 3 years while two-wheeler insurance is mandatory for 5 years. This was made mandatory in 2018 by the Supreme Court with the Motor Vehicles Act also imposing a fine of Rs.2,000 in cases of default. A Motor Vehicle Accident Fund will also be established by the Transport Ministry which will provide compensation for hit-and-run cases. It will also fund medical treatment for road accident victims.

      In the case of an accident, if the vehicle owner has taken a third-party insurance, any damages that have to be paid to the victim of the accident will be taken care of by the insurance company, thus saving the vehicle owner from a huge financial responsibility and also ensuring that the victim gets the compensation they deserve. Currently, approximately 40% of road-worthy vehicles are not insured in India, with the country also having the highest number of deaths related to road accidents. While there is 60% compliance with vehicle insurance in the case of private cars, 80% of two-wheelers are not insured even though 31% of road accident deaths in 2018 were attributed to two-wheelers.

      6 February 2020

    • Innovative feature called ‘Pay for the Distance’ introduced by Liberty General Insurance

      Under the Sandbox initiative of the Insurance Regulatory and Development Authority of India, Liberty General Insurance Ltd. Has come up with ‘Pay for the Distance’, an innovative feature that benefits owners who infrequently use their cars. Customers will basically have to pay based on the distance they drive. Insurance costs will be controlled by this feature, and the feature will only apply to the Own Damage part of the plan, but Liberty General Insurance will offer Third Party Liability to customers over the course of the policy period. The plan will have a top-up feature that allows policyholders to reinstate the Own Damage coverage by raising the number of kilometers. To do so, however, an extra premium must be paid in case of the exhaustion of the maximum kilometer limit availed under the new feature. Moreover, the company will also offer extra Voluntary Deductible slabs as well as In-built Roadside Assistance cover. Customers can only avail these features if they buy the plan directly from Liberty General Insurance via its online portal. 

      3 February 2020

    • Vehicle owners to be alerted by transport departments regarding third-party insurance

      The transport department is expected to start sending messages to vehicle owners who are not equipped with third party insurance. Messages will also be sent to those whose insurance has expired. The Insurance Regulatory and Development Authority of India is set to run a pilot scheme in states like Andhra Pradesh, Bihar, Karnataka, etc. to alert vehicle owners on their insurance. According to the CGM of the regulator, Yagnapriya Bharath, messages are already being sent to vehicle owners by the transport department of Telangana. All the information regarding insured vehicles is with the Insurance Information Bureau, and the details regarding the registered vehicles are with the Vahan database of the Central Government. She added that it is very easy for transport departments to identify the uninsured vehicles by comparing the details on both sources. In order to ensure that all the vehicles that ply on Indian roads are insured, the government will send messages to alert those who do not have insurance, and those whose insurance has expired.

      30 January 2020

    • Insurance cover for two wheelers

      For two wheelers, it is important to have comprehensive insurance cover and a few important add-on covers as well to ensure that it is fully protected. Some of the important add-on covers are zero depreciation, engine protection, pillion cover, and consumable cover. Zero depreciation cover is also called nil depreciation cover. With this cover, in the event of damages, the actual value of the damaged part will be paid, after the compulsory deductible is taken out. This is very important in the case of bikes with imported parts, but which are assembled here or bikes that are fully assembled but imported whole. The engine protection cover offers coverage for any repair for the engine’s internal parts, such as the cylinder or piston head. The internal parts of the gearbox will also be covered for replacement or repair. There will also be coverage for the labor costs incurred in hauling the engine or gearbox to the place of repair, such as in waterlogged areas. This is also helpful when off-roading and there is a damage to the engine resulting in oil leaks. Pillion cover offers coverage for the pillion rider up to Rs.15 lakh if involved in an accident. Consumable cover is for coverage of consumables such as power steering oil, gearbox oil, radiator coolant, engine oil, screws, nuts and bolts, etc., which can otherwise be very expensive.

      27 January 2020

    • Vehicles at risk of being seized if not insured

      If RTO officials or the traffic police catch a vehicle without insurance, there is risk of the vehicle being seized on the spot. The owner can reclaim possession of the vehicle only after it has been insured, according to Shekhar Channe, the transport commissioner of Maharashtra. Channe was speaking at an event conducted for Road Safety Week where he said that it is compulsory for riders and drivers to get their vehicles insured. He added that car dealers usually offer car insurance at the time of selling a vehicle, but there are people who do not renew the cover after it expires. According to Channe, the Vahan software of the transport department is linked to the national insurance database, and handheld devices could now be used by officials to check if a vehicle was insured. All they have to do is enter the registration number of the vehicle to know whether or not a vehicle is insured.

      20 January 2020

    • Vehicle insurance premium may not increase in 2020

      The Insurance Regulatory and Development Authority of India (IRDAI) has announced that the premium rates for Motor Third Party Liability Insurance Cover will remain unchanged from the rates started on 1 April 2019, until further notice. This is applicable for cars, bikes, and commercial vehicles. The IRDAI had ordered insurers to provide only 3-year third-party cover in the case of new cars and in the case of two wheelers, 5-year policies. The third-party premium rates for 3 years currently are: Rs.5,286 for vehicles below 1000 cc, Rs.9,534 for vehicles between 1000 cc and 1500 cc, and Rs.24,305 for vehicles above 1500 cc. The 5-year premium for two-wheelers is: Rs.1,045 for bikes below 75 cc, Rs.3,285 for bikes between 75 and 150 cc, Rs.5,453 for bikes between 150 and 350 cc, and Rs.13,034 for bikes above 350 cc. In the last decade, premiums for third-party insurance had increased by 10% to 40% almost every year.

      3 January 2020

    • Slump for auto insurers offset by the Motor Vehicles Act

      Even though auto sales have been low, insurers have seen good growth in their premiums due to the penalties being increased for vehicles without insurance under the Motor Vehicles (Amendment) Act 2019.

      The increase in average monthly premiums that have been paid after September was about 19%. In the current fiscal year, the first five months saw the combined average monthly premiums of all insurers hit Rs.5,281 crore. However, over the last three months, the number has increased to Rs.6,303 crore. Even though the annual monthly growth until the month of August was in the range of 4% to 5%, it has increased since the month of September. The growth in premiums from the month of April to September has seen an increase of 8.5%. There has been an increase in premiums since the Motor Vehicle Act came into effect. The overall growth for the first seven months that ended in October was at 9.7%. This was followed by a 9.1% growth till November. The amendment of the Motor Vehicles Act which came into effect from 1 September 2019. Under the new act, the penalties have increased by about 10% for different violations.

      30 December 2019

    • Reduction in two-wheeler and passenger vehicle inventory expected to help in BS6 transition

      Amidst the slowdown in the auto industry, the reduction in the inventories of two-wheeler and passenger vehicles (PVs) is likely to help in the smooth transition to BS6 vehicles. Automobile manufacturers had cut down the production of vehicles due to the slowdown. However, on the commercial vehicle (CV) side, there is no relief noticed in the unsold inventory levels. In January 2019, the inventory level for PVs was around 30 days to 35 days which dipped in October 2019 to 25 days to 30 days. Similarly, the two-wheeler segment saw a drastic reduction in the inventory level when it dropped from 50 days to 60 days to 35 days to 40 days. In the meantime, the inventory levels in the CV segment remained steady. Dealers are expecting that the inventory in all the three categories – PVs, CVs, and two-wheelers will reduce due to the emission transmission consequently ramping up the inventory gradually. This would also result in lower wholesale dispatches in Q3 of FY20. Meanwhile few segments are expected to see pre-buying demand in the fourth quarter.

      18 December 2019

    • Two-wheeler insurance can curb heavy fines

      The Motor Vehicles Act was recently amended by the central government which was passed in July 2019. It was amended with the Motor Vehicles Amendment Bill of 2019. The penalty for driving without a license is now Rs.5,000 while the penalty for riding without a helmet is now Rs.1,000. The Insurance Regulatory and Development Authority of India (IRDAI) has established a working committee to consider linking traffic violations with the two-wheeler insurance. A differential premium could be charged based on the track record of driving or riding. Having a two-wheeler insurance can help to save money or reduce liability if there is third-party liability because now third-party liability insurance is mandatory in India. It is also beneficial when there is any damage to the own vehicle.

      17 December 2019

    • Supreme Court to examine if pillion rider can claim insurance under 'Act Only' Policy

      According to reports, the Supreme Court will examine whether a pillion rider is entitled to claim insurance in the case of an ‘Act Only’ policy. The bench of Justice Dhananjaya Y. Chandrachud and Justice Hrishikesh Roy have issued a notice in a special leave petition filed by an Insurance Company against a judgement made by the Karnataka High Court.

      In the Branch Manager, Legal, National Insurance Company Limited vs. Pintu, the contention raised by the insurance company mentioned that since the policy was not a comprehensive package policy but only an ‘Act Only’ policy, the insurer is not liable for the injuries of the pillion rider.

      The Karnataka High Court had rejected this contention on the grounds that the pillion rider is considered a third party and hence the insurer cannot avoid the liability to pay the compensation to the pillion rider on the grounds that the policy does not cover the risk for the pillion rider. The insurance does cover the risk of third-party injury, and a pillion rider is considered as a third-party entity.

      28 November 2019

    • Auto industry faced a slump even during the festive season

      There was a slump in auto sales even during the festive season of Dussehra and Diwali. There was a month-on-month recovery in sales, but the year-on-year growth remains bleak. Commercial vehicles saw decline in sales but there was improvement in the sales of passenger vehicles and two-wheelers. A possible demand trigger in the coming months that the auto industry is banking on is the implementation of BS VI which could result in pre-buying ahead of it. The car segment had good growth for Maruti, however, reporting a growth of 6%. M&M and Tata Motors, however, had a decline in sales to 23.1% and 28% respectively. In the two-wheeler segment, Eicher reported an increase of 2.1% for its premium bike category. However, Bajaj Auto, TVS, and Hero saw a decline of 13.9%, 20%, and 18.4% respectively. In the three-wheeler market segment, growth was seen in the sales figures of M&M and TVS at 3.2% and 7.7% respectively. Bajaj Auto had a decline of 5.5%. In the tractor segment, there was an increase of 1.3% for Escorts and a decrease of 4.1% for M&M. For the monthly exports, there was a rise in numbers for Escorts, Eicher, Maruti, and TVS while others had a decline.

      7 November 2019

    • Bajaj brings back the legendary Chetak

      The Bajaj Chetak was one of the most-loved scooters of its time and after 14 years it has made a comeback. However, this time the Chetak is powered by an electric engine. This makes Bajaj the first mainstream automaker in India to enter the electric vehicle space.

      Reportedly, the production belt for the Chetak has already rolled on 25 September 2019. The price of the motorcycle is yet to be revealed. Bajaj has stated that the price will be revealed during the Pune launch event of the scooter which is scheduled for January 2020. Rajiv Bajaj, the Managing Director of Bajaj Auto has stated that the scooter will be priced attractively rather than aggressively. He further added that the priced will not be as high as Rs.1.5 lakh. Powering the brand new Chetak is a 4kW electric motor which is driven by a IP67-rated lithium-ion battery pack. The scooter will come with 2 riding modes as well – Eco and Sport. In addition to that, it will have a reverse assist feature. The range of the scooter quoted by the company is 85 kms in Sport mode and 95 kms Eco mode. The efficiency figures have been tested in city conditions and the company claims that the ARAI rated test figures will be much higher than these. Externally, the Chetak gets a retro design line which is accompanied by LED lighting system.

      24 October 2019

    • Triumph motorcycles being offered with attractive benefits

      With the festive season at its peak, British motorcycle maker, Triumph has recently announced its festive offer which can be availed across some of its selected vehicles. The automaker is offering benefits of up to Rs.2.8 lakh. The offer is valid till the 27 October 2019.

      The company had rolled out benefits for the Street Triple RS earlier. The latest entrants in the festive offer include the Tiger 800 XR, Bonneville T100, and the Tiger 1200. The middle-weight adventure bike, Tiger 800 XR will get benefits worth Rs.2.8 lakh which includes a set of panniers worth Rs.1 lakh. In addition to that, the company is also offering an extended warranty for 2 years and store vouchers worth Rs.1.5 lakh. These vouchers can be redeemed at the Triumph dealerships against official accessories and merchandise from the company. The customers who will purchase the Tiger 1200 will be offered a training session at the Triumph Adventure Experience in Whales as well as a Factory Tour in Hinckley. The Bonneville T100 will come with benefits worth Rs.1.75 lakh in store vouchers. Customers can also choose to avail the offer in relation to finance for the motorcycle.

      22 October 2019

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    Customer Reviews

    • Oriental Insurance Two Wheeler Insurance
      "Best one"
      0.5 5.0/5 "Blown Away!"
      I have taken my two wheeler insurance from Oriental company. I have been paying the premium amount of Rs. 800 for that they are giving me a IDV value of Rs. 50000. I have not approached them for any claim till now. I used to renew the policy by visiting the branch and doing payment via cash or debit card.
      Was this review helpful? 0
      , guwahati
      Reviewed on Feb 19, 2020
    • ICICI Lombard
      ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      Taken my two wheeler insurance from ICICI Lombard because the policy feature is good. ICICI Lombard people contacted me before the policy expiry time and i have renewed the policy with them again. I have paid the premium amount of Rs. 2000 for that they are giving me a coverage value of Rs. 90000. I used to renew the policy through online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 14, 2020
    • ICICI Lombard Two Wheeler Insurance
      "Quick processing policy "
      0.5 5.0/5 "Blown Away!"
      ICICI Lombard company is providing the policy in online, if i enter all my details on the site and also their process is very simple thats the reason i preferred to have a ICICI Lombard two wheeler insurance. For 3 years tenure, i have paid the premium amount of Rs. 6700. For the third party insurance its Rs. 1 lakh and bike cover is Rs. 1 lakh other than that personal injury or death covers. 1 lakh. I used to renew the policy through online.
      Was this review helpful? 0
      , krishnagiri
      Reviewed on Feb 13, 2020
    • HDFC Ergo Two Wheeler Insurance
      "Good customer support"
      0.5 5.0/5 "Blown Away!"
      I have a HDFC Credit card and i felt that HDFC customer care support is good thats the reason i have purchased the two wheeler insurance from HDFC Ergo from past 2 years, i have been renewing the policy with the same company. I pay the premium amount of Rs. 2000 approximately. They will send the reminders at the time of policy expiry and i don't have any claim experience till now.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 11, 2020
    • HDFC Ergo Two Wheeler Insurance
      "Neat Policy"
      0.5 5.0/5 "Blown Away!"
      I have chosen my two wheeler insurance from HDFC Ergo because of the fast process. I have paid the premium amount of Rs. 2,100 and they have provided me a IDV value of Rs. 1L. If I renew the policy today, within two days I will receive the documents in my hand and the policy was renewed through agent.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 30, 2020
    • HDFC Ergo Two Wheeler Insurance
      "Easy to renew the policy"
      0.5 5.0/5 "Blown Away!"
      Taken my two wheeler insurance from HDFC Ergo. I pay the premium amount of Rs. 1400 for that they are providing the coverage value of Rs. 35000. Its a 3 years old and i have not checked about the no claim bonus. I will renew the policy through online and i make the payment through debit card.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 30, 2020
    • National Insurance Two Wheeler Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      From National company, i have purchased my two wheeler insurance because my friend recommended me about this policy. I pay the premium amount of Rs. 3500 with the convenient IDV value of Rs. 1 lakh. They are not sending any reminder to renew the policy. Through agency, i renew the policy and they will provide the policy documents immediately.
      Was this review helpful? 1
      , kochi
      Reviewed on Jan 30, 2020
    • National Insurance Two Wheeler Insurance
      "Better policy"
      0.5 4.0/5 "Great!"
      I have taken the two wheeler insurance from TATA AIG for my Hero bike. Because the plan is really good. I have paid the premium amount of Rs. 2,000 but I have no idea about the coverage value. I used to renew the policy through agent because my friend is working in this company.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 29, 2020
    • New India Two Wheeler Insurance
      "Please improve their service "
      0.5 2.0/5 "Expected more"
      New India two wheeler is a hopeless policy. The claim is a very big problem because i need to roam around 10 offices to get the claim. The claim approved percentage was very less because it was only 40%. My relative works in New India so based on his promise, I purchase the insurance in this company. They are very substanded.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 28, 2020
    • United India Two Wheeler Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      From United India, i have taken the two wheeler insurance because its a government based company and while purchasing the bike i got it and that time i have no idea about the insurance plan. I have not approached them for any kind of claim. I have no idea about the premium amount and IDV value. I have been renewing the policy with the same company for almost 3 years and they do send notification at the time of policy expiry.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 28, 2020
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken my two wheeler insurance from ICICI Lombard because showroom people have given this policy. This is a first party policy which covers for 1 year. I have got the policy documents through courier as a hard copy. They are keep on sending a reminder messages to renew the policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 28, 2020
    • HDFC Ergo Two Wheeler Insurance
      "Okay policy"
      0.5 5.0/5 "Blown Away!"
      My friend is working in HDFC bank so i have taken my two wheeler insurance from HDFC Ergo on last 9 years back. I took the policy with them after that I'm renewing the policy with the same company through online. I pay the premium amount of Rs. 1400 on a yearly basis. They are giving a coverage value based on IDV now its Rs. 24,000. They have sent the documents immediately through mail.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 27, 2020
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