No claim bonus, additional features, learn more
In an effort to increase market share for two-wheeler insurance by making products available on mobile apps, Cholamandalam MS General Insurance Company and SBI General Insurance have partnered with fintech company MobiKwik to offer insurance plans third and complete for two-wheelers on its platform. Customers will now be able to insure their vehicles on the Mobikwik app.
“With this partnership, customers will now be able to insure their two-wheelers seamlessly on the Mobikwik app in a few simple, quick and easy-to-understand steps,” MobiKwik said in a statement. A customer will only need to enter the vehicle number to purchase insurance without having access to their Certificate of Registration (RC).The product suites will also include add-ons such as zero depreciation, accident staff and 24X7 roadside assistance.
According to data from Irdai, the total number of two-wheelers on the road in FY18-19 stood at 17.59 crores, while the total number of policies sold for two-wheelers in FY18-19 was 5.9 crores.
Two-wheeler insurance: how much does it cost?
In two-wheeler insurance, the premium depends on the type of vehicle, the year the vehicle was registered, other specifications such as the make and model of the two-wheeler, the place of registration, any accessories and modifications to the vehicle and mileage etc. All of these factors play a role in determining the premium amount.
For example: Model: Honda Activa, Year of registration: 2020 Place of registration: Delhi and with an NCB: 0% has a premium of Rs 413.
What will the two-wheeler policy cover
Comprehensive two-wheeler insurance covers you financially and protects your two-wheeler against your own damage such as burglary, theft, riots and strikes, fires, traffic accidents and natural disasters and also covers third-party losses. The policy covers additional benefits such as zero depreciation, personal accident and 24/7 roadside assistance.
Two-wheeler insurance on MobiKwik: Know the additional features
Mobikwik provides instant police issuance without any paperwork. Users can insure their two-wheeler in less than two minutes and policy renewals can be done hassle-free and without any inspection. Users can also benefit from bonus discounts of up to 50%.
Commenting on the tie-up, MobiKwik Co-Founder, MD and CEO, Bipin Preet Singh, said the company was pleased to partner with Cholamandalam MS General Insurance Company and SBI General Insurance to expand its product portfolio. for the customers. “This alliance reinforces our vision to become a one-stop destination for all financial needs in Bharat, bringing about a significant shift in the way financial services are delivered in India.”
Chola MS General Insurance MD Suryanarayanan V said the company’s consistent effort has been to bring insurance products to market that are simple to buy, easy to understand and have a smooth claims process. “We are excited to partner with one of the leading fintech giants, MobiKwik, starting with auto insurance. It would be our effort to cater to the brand’s huge organic digital user base. We anticipate to innovate and introduce several more new products to this platform in the future.”
Priya Kumar, Manager (Emerging, Rural and Agricultural Businesses) at SBI General Insurance, said that with increasing disposable income, a large number of people are opting for two-wheelers as their mode of transport. “The importance of two-wheeler insurance has been underlined by making the liability plan mandatory. We have observed that two-wheelers have a high rate of uninsured, compared to other vehicles.”
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