Insurers Got a Target from Yamaha for More Policy Renewals

Most of the two-wheelers don’t care about the renewal of their vehicle insurance cover after the first year. Yamaha Motor India Sales is seized of this issue and its implications. According to the vice-president of the company, Roy Kurian, this is up to the insurers to remind the policy holders about the renewals. The pre-assumption that the latter choose to default wilfully is wrong. The policyholder could have forgotten the deadline and just needed a reminder for the renewal.

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Having a valid motor insurance policy is compulsory as per laws and is as essential as wearing helmets and carrying required vehicle documents. But the percentage of riders who have followed the law beyond first year of policy is very small. 

Defaulters have charged penalty for the protection against natural and manmade calamities, any damage to vehicle in transit by air, road, rail or inland waterway. There is also an option to cover passengers/pillion riders. In addition, it also covers legal liabilities due to third-party’s injury/death or damage to property.

Kurian said that they will take up this issue with dealers and engage insurer companies at corporate level on what could be done. Inauguration of the company’s 18th dealership is done by the Managing Director, Masaki Asano on Thursday at Chakai. The company proposed to enlarge network further in Kerela according to him.

Tier 2 and Tier 3 cities have a growing demand for two wheelers. Yamaha is having 110 dealership networks in South India alone and it proposes for the addition of another 20 by the end of this year.

Asano said that because South is a crucial market, the company has chosen to launch its first scooter, Ray, in Hyderabad. Moreover, the company has claimed a market share of 11% in Kerela where women and youth drive the market according to Kurian. Inspite of a lethargic market, the company has clocked an average growth of 30% at national level in sales in the last six months.

According to a spokesman, Yamaha invested Rs 1,500 crore for setting up its third facility in India. With an initial annual capacity of four lakh units, production will start by 2014 at the new plant near Chennai. This capacity will be extended to 18 lack units by 2018. It’s an addition to the investment of Rs 750 crore in existing facilities in Surajpur for product development, network expansion and capacity expansion.

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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis