Is Your Two Wheeler Insured? 75% vehicle owners said “NO”

In a stunning revelation, made by Insurance Regulatory Development Authority (IRDA), 75% of two-wheelers in India ply on roads without auto insurance, and jeopardizing the lives of cyclists and pedestrians. So, if you get hit by a 2-wheeler, forget about receiving a compensation.

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Considering the IRDA report, the a Supreme Court has appointed a committee on road safety to design a modus operandi to identify the non-insured vehicles within 3 months and submit a report. The committee must create the protocol as a joint effort with the Transport ministry.   

K. S. Radhakrishnan, Justice (retd). & committee chairman said, “IRDA representatives informed us that most 2-wheelers ply on roads with lapsed insurance or no insurance. It has been observed that due to leniency in enforcement, most owners fail to renew their policy.”     

As per industry estimates, two-wheelers constitute 70% of all vehicles in India. Approximately 82% of vehicles in the country are privately owned, out of which a majority are two-wheelers. In the last decade, the sales of two-wheelers have exponentially grown in the rural areas where the authorities seldom check the insurance papers.

S. P. Singh, IFTRT commented, “Using an uninsured vehicle is equivalent to a criminal offense, and thus stricter punishment should be levied on the owner, as he/she is jeopardizing the lives of fellow citizens. In case of an accident, it is the liability of the owner to pay the compensation, but in absence of auto insurance, the victim is helpless.”   

A road transport ministry official said, “A few months ago, we had approached National Informatics Centre (NIC) to generate data of non-insured vehicles, state-wise. And, once we receive the report we shall send it to the states where their respective law enforcement body can take stringent action against the offenders. It could lead to a high penalty or imprisonment.” 

Justice Radhakrishnan further said, “We have requested for a ban on alcohol sales along the state and national highways. All signage on the highway for alcohol vendors should be removed by the June-end. If they fail to abide by the new regulations, we will submit the details to Supreme Court.”

Furthermore, to dissuade uninsured vehicle to run on roads, the Road Safety and Transport Bill seeks to propose a high penalty and imprisonment of the vehicle owner.

Source: This news was published on May 23, 2015 in economictimes.indiatimes.com under the title: “75% of 2-wheelers have no insurance”

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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