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Two-wheeler insurance is a type of insurance that is mandatory in India. Falling under the General insurance product category, it helps protect people against accidents that take place on the road. Active two wheeler insurance shields the vehicle owner from any unforeseen occurrences like the accident or any serious damage to the motor vehicle.
In the quarter ending March 2024, Reliance General Insurance reported a net profit of ₹58.31 crore and revenue of ₹1,741.55 crore, with year-on-year growth of 1.13% and 16.21%, respectively. [18] In the fiscal year 2023, Reliance General Insurance reported a turnover of ₹103,390 crore, marking a 9.88% increase from the previous year. [19]
The two-wheeler insurance policy provides complete protection to two-wheelers and can be purchased online. It safeguards against any kind of damage incurred due to accidents or natural calamities. The policy cover is extended to any two-wheeler, its accessories, damages caused to third-party, and any injury to life.
Bajaj Allianz Life Insurance Co. Ltd. Private Pune: 2001 10: PNB MetLife India Insurance Co. Ltd. Private Mumbai: 2001 11: Reliance Nippon Life Insurance Company: Private Mumbai: 2001 12: Aviva Life Insurance Company India Ltd. Private Gurugram: 2002 13: Sahara India Life Insurance Co. Ltd. Private Lucknow: 2004 14: Shriram Life Insurance Co ...
While the long-term insurance policy is 3 years for four-wheelers, it is 5 years for two-wheelers. The following guidelines are issued to implement the Supreme Court guidelines via a circular issued to insurers under Section 14(2) of the Insurance Regulatory and Development Agency of India Act, 1999, effective September 1, 2018. [7]
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