Two Wheeler Insurance- What, Why, When

Two Wheeler
Insurance- What,
Why, When….

Questions you need to
ask about Two Wheeler
Insurance.
•
•
•
•

What Consists of Two Wheelers?
How Many Two wheelers are there in India?
How Many Two Wheelers are Insured In India?
What are the components of Two wheeler
Insurance.
• Where can you buy Two wheeler Insurance?

What are Two Wheelers?
• Two wheelers are classified on vehicle type and
usage.
Type of Vehicle

Geared
Bikes and Geared
Scooters

Non geared
Mopeds and scooties

What are Two Wheelers?

Bike

Moped

What are Two Wheelers?
• Two wheelers are classified on vehicle type and
usage.
Type of Usage
Non Commercial
(Personal Use)

Commercial
( Commercial Use)

For the purpose of this Presentation, we will discuss
the Two Wheeler Insurance for Non- commercial, i.e.
personal usage vehicles.

Number of Two Wheelers
in India
The number of Two wheelers in India has gone up a
lot in the past 60 years.
According to the Data given by the Transport and
Highway ministry in India,

# of Two Wheelers In
1952

# of Two Wheelers In
2012

27 thousand

115419 thousand

Number of Two Wheelers
in India
140000
#
O
f

120000
100000
80000

T
w
o
W
h
e
el
er
s

60000
40000
20000
0

Year

Number of Two Wheelers
in India
• As we can see from the previous graph, there has
been an exponential increase in the number of
vehicles on the Indian streets.
• There has been an almost 4 digit increase in the
number.
• This can be attributed to the growing demand and
the increase in the number of manufacturers of
two wheelers in the country.

How Many Two Wheelers
are Insured in India
• According to the Data Presented in the IRDA
journal, as of 2012,
Total # Of Two
Wheelers Insured
Two wheelers Insured
With Comprehensive
Policy
Two Wheeler with
Third Party Liability
Policy

3,61,09,120
2,92,26,417

68,82,703

Number of Two Wheelers
Insured
As we can see from the above chart that the
number of two wheelers insured vs. number of two
wheelers on the streets of India, there is large
difference.
There are still a lot of two wheelers on the Indian
streets without having two wheeler insurance.
So Out of 11,54,19,000 two wheelers in India, only
3,61,09,120 are insured which is 31.3% this implies
that 68.7% two wheelers in India are uninsured.

Insured Vs Uninsured Two
Wheelers in India
Two Wheelers

Insured

Uninsured

Components of Two
wheeler Insurance
• Two Wheeler Insurance is usually of 2 type
 Comprehensive: Comprehensive Cover has 2
components
- Own Damage: Covers the Damage to the vehicle
which is insured.
- Third Party Liability (TPL): Covers Damage to life
or property caused by the owner, when driving
the insured vehicle.

Components of Two
wheeler Insurance
• Two Wheeler Insurance is usually of 2 type
 Third Party Liability ( TPL): Covers Damage to life
or property caused by the owner, when driving
the insured vehicle.
The TPL is a mandatory cover. Every vehicle owner,
must have the TPL.
As we can see, the comprehensive policy includes
both the Own Damage and TPL.

Where can you buy Two
wheeler Insurance?
• It is recommended that you compare two wheeler
insurance plans before selecting one.
• You can compare on the bases of the cost to
feature ratios and find the plan which fits the best
• Online comparison of two wheeler insurance
policies is the easiest.
• Turtlemint.com is an online platform where you
can compare and buy two wheeler insurance
policies.
• You can even renew two wheeler insurance policy
immediately once the year is up.

….. Presented by

Turtlemint.
Visit us at www.turltemint.com
Contact us at: 1800-266-0101