In an effort to boost the two-wheeler insurance market share by making the products available on mobile apps, Cholamandalam MS General Insurance Company and SBI General Insurance have joined hands with fintech firm MobiKwik to offer third-party and comprehensive two-wheeler insurance plans on its platform. The customers will now be able to insure their vehicles on the Mobikwik app.
“With this partnership, the customers will now be able to insure their two-wheelers seamlessly on the Mobikwik app in just a few simple steps which are quick and easy to understand,” MobiKwik has said in a statement. A customer will just have to enter the vehicle number to buy insurance without having access to his/her registration certificate (RC). The product suites will also include add-ons such as zero depreciation, personal accident and 24X7 road assistance.
According to the Irdai data, the total number of two-wheelers on road in FY 18-19 stood at 17.59 crore, while the total number of policies sold for two-wheelers in the FY 18-19 stood at 5.9 crore.
Two-wheeler Insurance policy: How Much will it Cost?
In two-wheeler insurance, the premium depends upon the type of vehicle, registration year of the vehicle, other specifications like the make and model of the two-wheeler, the place of registration, any accessories and modifications made to the vehicle and the mileage etc. All these factors play a role in determining the premium amount.
For example: Model: Honda Activa , Registration Year: 2020 Registration Place: Delhi and with an NCB :0 per cent has a Premium of Rs 413.
What Will Cover Under Two-Wheeler Policy
Comprehensive two-wheeler insurance covers you financially and protects your two-wheeler against own damages like burglary, theft, riots & strikes, fire accidents, road accidents and natural calamities and also takes care of the third-party losses. Policy covers add-on benefits like zero depreciation, personal accident and 24X7 road assistance.
Two-Wheeler Insurance on MobiKwik: Know Add-on Features
Mobikwik provides instant policy issuance with zero paper work. Users can get their two-wheeler insured in less than two minutes and policy renewals can be done hassle free without any inspection. Users can also avail no-claim bonus discounts up to 50 per cent.
Commenting on the tie-up, MobiKwik co-founder, MD and CEO Bipin Preet Singh said the company is happy to partner with Cholamandalam MS General Insurance company and SBI General Insurance to expand its product portfolio for customers. “This alliance reinforces our vision of becoming a one-stop destination for all financial needs of Bharat, further bringing about an impactful change in the way financial services are distributed in India.”
Chola MS General Insurance MD Suryanarayanan V said the company’s constant effort has been to offer insurance products in the market that are simple to purchase, easy to understand and a smooth process to claim. “We are excited to partner with one of the leading fintech giants, MobiKwik, by beginning with vehicle insurance. It would be our endeavour to cater to the huge organic digital user base of the brand. We plan to innovate and introduce several other new products on this platform in the future.”
Priya Kumar, head (emerging business, rural and agriculture) at SBI General Insurance, said that with the increase in disposable income, a large number of people are opting for two-wheelers as their mode of transport. “Two-wheeler insurance’s significance has been underlined by making the liability plan mandatory. We have observed that two-wheelers have a high uninsured rate, compared to other vehicles.”
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