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Naveen Munjal Claims Less Than 7% Electric Two Wheelers Get Financed
Naveen Munjal, Managing Director of Hero Electric, has claimed that less than seven per cent of electric two wheelers get financed in India leading to fewer people buying electric bikes in the country. He has cited the difficulty in calculating the replacement value of the e-two wheelers as a primary reason for lower finances.
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- Naveen Munjal Claims Less Than 7% Electric Two Wheelers Get Financed
The statement was made by the Hero Chief at the Edelweiss Vehicle E-Series 2021’s virtual meeting. He added that the low speed of electric two wheelers and non-mandatory vehicle registration makes it difficult for financiers to trace the vehicle. The lack of easy finance is an added hindrance to the sale of electric two wheelers in India besides they being more expensive than their petrol counterparts.
The figure is particularly surprising as about 80 per cent of the two wheeler owners in India rely on banks or financial institutions to get their vehicles financed, as per industry estimates.
However, Munjal did mention that the financing of electric two wheelers has improved recently as buying of e-two vehicles lead to the improvement of the credit profile of many customers.
Hero Electric, which currently dominates the electric two wheeler market in India, targets to sell about 1,00,000 units in FY 2022. In FY 2020, the Company sold more than 50,000 e-two wheelers in the country, which was the highest among all its competitors. Besides, the Company has set up 1,500 electric vehicle charging points across India and targets to install more than 20,000 charging points by 2023.
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Many things affect bike insurance premiums in India, such as^The buying/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.
*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%.
*₹457/- per annum (₹1.3/day) is the price for third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable annually. The list of insurers mentioned is arranged according to alphabetical order of the names of insurers respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For the complete list of insurers in India, refer to the Insurance Regulatory and Development Authority of India website: www.irdai.gov.in
