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ICICI Lombard Expert Blog
 

75% Two-wheelers Running Without Insurance

June 04 2015

The Indian vehicle market is dominated by two-wheelers, as they constitute nearly 70% of it. Out of this share, 75% two-wheelers are running without a Motor Insurance Policy. Although Third Party Liability insurance is mandatory, two-wheeler owners seem to be overlooking this compulsion.

After these statistics were revealed by the Insurance Regulatory and Development Authority of India (IRDAI) the Supreme Court has taken corrective measures. The Road Safety Committee appointed by Supreme Court is in talks with the Transport Ministry to resolve this issue. It plans to work on a protocol to detect vehicles without insurance, within three months and submit a report.

Over the years, rural India has witnessed tremendous growth in the two-wheeler market. The enforcement agencies have been lenient in such areas. IRDAI statistics also revealed that many two-wheeler owners do not renew their mandatory insurance policy due to lack of enforcement.

A Road Transport Ministry official mentioned, "A couple of months back, we asked National Informatics Centre (NIC) to populate the state-wise data of such vehicles. Once it's prepared, we will send them to states so that their law enforcement agencies can take action against such offenders."

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