Business News: The highest jump in renewals in lapsed two-wheeler policies Delhi, Karnataka, UP and Maharashtra see. After the new Motor Vehicles Act, motor insurance policies are selling like hotcakes.
It is being known that 60 percent of the vehicles on Indian roads are uninsured. The new Act is bringing the right change despite making mandatory to buy third-party motor insurance.
The Act, that came into effect on September 1, has increased penalties for driving errors. The law has increased the penalty for driving an uninsured vehicle from ₹1,000 to ₹2,000 and/or imprisonment up to 3 months, for the first offense and fine of ₹4,000 and/or imprisonment up to 3 months for the second offense.
Two-wheeler and car owners are now been rushing to get their lapsed policies renewed to avoid burning a hole in their pocket.
An online insurance policy aggregator Policybazaar.com has seen the overall share of two-wheeler insurance policy sales jump by seven times, and the share of four-wheeler policy sales increase by three times in the first week of the new Act.
The business head of Motor Insurance in Policybazaar.com, Sajja Praveen Chowdary, said, “The share of policies being sold to consumers with lapsed plans has grown significantly in the last one week. In two-wheelers, Delhi, Karnataka, UP and Maharashtra have seen the highest jump in renewals.”
In Delhi, the share of expired policies getting renewed has jumped from 64 percent to 94 percent. Karnataka witnessed the second-highest growth in the country, with the share of expired policies getting renewed rising from 65 percent to 85 percent.
In four-wheeler insurance, the highest growth in lapsed policy renewal has been witnessed in UP. The share of lapsed policies getting renewed in the last week has increased from 34 percent to 73 percent. Delhi saw a jump from 44 percent to 79 percent.
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