[GTO]

In comparison, about 35% of 4-wheelers don't have any insurance (link).

"IRDA representatives told us early this month that most two wheelers either have no insurance or their insurance has lapsed. Most of the owners don't renew them since there is little enforcement," said committee chairman Justice (retd) K S Radhakrishnan.

According to rough estimates, two-wheelers have a formidable presence on roads, constituting 70 per cent of all vehicles in the country.

Source & Full Article: Economic Times

[saket77]

Not having even a basic third party insurance is illegal in India. You would end up in a soup big time if you are involved in any accident for saving a pittance.

However, rather than publishing just this report, IRDA must also act on the fact that why all insurance companies are hesitant to provide a third party only insurance. Also, all online policy sellers never even give an option for 3rd party insurance only. Not only this, for vehicles which are old (like 8-9 years +), there is no option to renew the policies online as well. Probably because the first party IDV goes down as much so that they cannot profit much from these policies. IRDA must address these problems as well.

Thanks!

[ghodlur]

Thanks GTO for the information.

Its sad state of affairs that the most educated people too don't believe in having the Insurance on their cars and two wheelers. Its because of such people that the Insurance premium are always on the rise when the Insurers pass on the claim burden on the regular paying guys too. To a certain extent the Insurance co are also to be blamed for the mess as they have not packaged the Insurance deals judiciously. IRDA is generally more into regulation formation activities and less inclined to enforcement. Some harsh steps are the need of the hour such as:
1) No refueling without valid insurance document
2) No servicing of vehicles
3) No selling/buying without valid insurance document.

I feel there should be an Insurance smart card something similar to credit card which when swiped at the above requirements should display the Insurance status.

[ramzsys]

Now that the news has arrived, the clamor now will be to make strict laws stipulating harsh punishments for driving without insurance.

An acquaintance of mine was eager to learn one of the popular photo editing software. Because he wanted to 'make' insurance documents.

The inference is that a country cannot be governed just by making the laws.

[classic86]

Owning an insurance broking firm, I want to say it upfront that IRDAI is useless. They are riddled with so many issues that they are not even sure how to improve compliance of insurance laws by all entities (customers, insurers, intermediaries etc.). They have become more of a collection agency than a regulator seeing the amount of fines they levy on insurers and intermediaries. So, my kind suggestion to all of you is to pass the right information that you know regarding insurance to your fellow riders/friends/family members so that the movement can start at the ground level.

[Sojogator]

Is it really unexpected when you have dozens of unregistered two wheelers roaming around for fun in some parts of the country ?

From my personal experience, I have seen numerous of my friends let the insurance dates run out just because they didn't feel like renewing it.

We can have laws, fines and policing but there will always be way outs if people are not aware/ don't want to be aware of why and what they should do.

The idea of a card sounds very good and, if implemented, can curb a lot of this. But I am sure you will find 'jugaads' to overcome them as well. Like the rented helmets for fuel in Indore (Was it Indore??) !

I have myself heard from a friend of mine who is similarly aged and educated that "chote saharo main accident nai hote" (accidents don't happen in small towns). This was his justification for not wearing a helmet !

[condor]

ghodlur : To a certain extent the Insurance co are also to be blamed for the mess as they have not packaged the Insurance deals judiciously.

Such an opportunity to improve the bottom line, yet they keep quiet. All they have done is target to increase third oarty premiums, since many people seem to have just this component.

Like has been mentioned here, they could have a bare minimum premium for OD.

One other option could be to have the police department / RTO involved. During the routine checks, in case someone is caught without insurance, the person's DL / other documents can be released only against purchase of insurance coverage. The department can get a small fee for the same, just like the agents do.

3) No selling/buying without valid insurance document.

Already there. Transfer of ownership can happen only if the insurance is valid.

[Snehal Sekhar]

Slightly OT, but just wanted to know how many of you have noticed some two wheelers in TN not sporting number plates. Especially in villages and small towns, I have seen two wheelers with pictures of politicians or actors on their number plates and just "TN" being written on them. Do these vehicles have valid Insurance on them? They don't even have a valid number plate, so how do they get insurance?

Mods: If you feel this post to be incorrect please feel free to remove it from this thread.

[Chida]

Originally Posted by Snehal Sekhar

Slightly OT, but just wanted to know how many of you have noticed some two wheelers in TN not sporting number plates. Especially in villages and small towns, I have seen two wheelers with pictures of politicians or actors on their number plates and just "TN" being written on them. Do these vehicles have valid Insurance on them? They don't even have a valid number plate, so how do they get insurance?

Mods: If you feel this post to be incorrect please feel free to remove it from this thread.

Probably because insurance companies check for details only when you are taking a new policy; policy renewal does not require any vehicle inspection.

But I believe if there is some accident and you are trying to claim insurance, they might probably get rejected due to the non-existent number plate ?

[Snehal Sekhar]

Originally Posted by Chida

Probably because insurance companies check for details only when you are taking a new policy; policy renewal does not require any vehicle inspection.

But I believe if there is some accident and you are trying to claim insurance, they might probably get rejected due to the non-existent number plate ?

I am not referring to renewal of the policy here, but about new bikes being sold. Aren't the two wheeler companies/showrooms supposed to register the bike with the RTO before delivery of the bike and also aren't they supposed to do the Insurance as well? So are these bikes bought without registring them at the RTO or are they registered and a registration number issued, but the people riding them just don't bother to install the number plates? Too many questions I know, but I think all of them are valid. So god forbid if I were to have a crash in my neighbouring state with a two wheeler with no number plate then I'm sure it will not be easy for me to claim insurance since the Insurance company will require all these details.

Not sure how these bikes/owners are being let go scot free. I have seen several of them on the Highway and the cops turn a blind eye.