In India, more than 1,50,000 people are killed in road accidents, making an approximate of 400 fatalities a day. While this fact might leave you gaping, even more, astonishing fact is that more than of these automobile involved in the accidents are not even insured and those that are, have been relapsed. While the Motor Vehicle Act, 1988, mandates that anyone who owns a vehicle must have an insurance policy to cover the amount liable for death, damage or injury – many do not take it seriously. Insurance In today's digitalized world, we can avail and even renew policy without stepping out of the door. But, due to insecurity and lack of clarity, many opt to not go for it.
With the aim to understand the importance of insurance policy, with a special focus on auto insurance, Velocity MR conducted a study in major metro cities – Mumbai, Delhi, and Bengaluru. It was revealed by the study that about half of the respondents who own a car which is less than three years are between the age group of 25-29 years. This creates a sense of urgency and owning car insurance is more than just a luxury of choice with more and more young generation on the streets.
Some of the key findings we cover in this report are:
- Overview of car ownership
- Most preferred car brands and models in India
- Reasons for a lapsed car insurance policy
- Severity towards holding a valid insurance policy
- Factors responsible for buying/renewing insurance
- Types of insurance bought
- Modes of buying insurance
Download the entire report to understand the customer insurance buying pattern along with other insights that follow it.
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