With a view to handle the issue of large number of non-renewal of motor insurance policies, the Central government has decided to collaborate with regulator IRDA and the insurance companies to implement a two-wheeler insurance policy where a bike owner would have to pay premiums for three to five years at once.
Presently, bike owners purchase insurance covers for a year, and if does not get renewed by the end of the year, it lapses.
Efforts are on to implement a policy for 3 to 5 years for covering the two-wheelers to safeguard the insurers to some extent from the non-renewal of policies over a large portion of the population. India's general insurance companies perform poorly when in the two-wheeler segment, renewal does not take place most of the time after buying covers for one year.
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