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Bajaj Allianz ties up with Snapdeal to sell insurance for 2-wheelers
by Aden Raw Is It Essential To Purchase Travel Insurance WhileMUMBAI: Bajaj Allianz General Insurance, the general insurance arm of Bajaj Finserv, is tying up with Snapdeal to sell two-wheeler insurance to the growing number of people who are buying motorcy cles from the online marketplace.
Snapdeal sold 180,000 motorcycles in over six months, a sign of its growing popularity as a portal for purchasing motorcycles.
Tapan Singhel, managing director and chief executive of Bajaj Allianz General Insurance, said the company will roll out the partnership in the next five to seven days. "This is a new space for us so the size of the business is unpredictable," Singhel said. "We will offer our best rates but it is for Snapdeal to put a premium rate on its website."
The annual two-wheeler motor insurance policy will be available only for new vehicles and later it will be rolled out for the used vehicles as well, he added.
Around two-thirds of two-wheelers on Indian roads are not insured. As insurance is mandatory for vehicles on roads, a two-wheeler out of a showroom comes with cover from auto dealers and brokers. However, by the second year, most fall out of the insurance net.
The Insurance Regulatory and Development Authority of India had allowed insurance companies to design long-term two-wheeler insurance policies with tenure of up to three years.
To insure a motorcycle worth, say, Rs 60,000, the annual premium works out to Rs 1,600-2,000, including Rs 460 for third-party cover.
Two-wheeler insurance accounts for less than 10 per cent of the total premium from motor insurance. Insurers such as Bajaj and HDFC ERGO have started schemes that allow two-wheeler owners to get their vehicles insured online without physical inspection.
[Source: http://articles.economictimes.indiatimes.com/2015-08-04/news/65204519_1_tapan-singhel-insurance-net-bajaj-allianz-general-insurance]
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Is It Essential To Purchase Travel Insurance While
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