INSURANCE | Staff Reporter, India

Motor policyholders in India blame insurers for lapsed policies: survey

Around 36% specifically blamed their insurer whilst 23% pinned the blame on their agent.

A survey found that a third of customers with lapsed motor insurances in India blamed their insurance company for failure to remind about renewal whilst 23% blamed their agents for failing to send a reminder, reports The Hindu Business Line.

The study by COCO by DHFL General Insurance also found that 26% of those with lapsed policies simply forgot to renew their insurance.

“Publicly available data claim that 70% of two-wheelers in India are uninsured and 40% [of] four-wheelers [are uninsured],” said a spokesperson of COCO by DHFL General Insurance.

As third party insurance is required by law, the survey found that two in five with lapsed insurance were caught by the police, of which 43% are respondents from Delhi. Meanwhile, 7 in 10 of those caught by the police noted that they bought an insurance after being caught.

In terms of renewal process, the study found that respondents think that the process to renew lapsed insurance is very tedious and is the primary reason why they chose not to renew the insurance policy even after being caught by the police. Meanwhile, those who renewed their insurance looked at it as a legal requirement and as a concern for their vehicles.

The survey included respondents from 1,025 participants in Mumbai, Delhi and Bengaluru, of which 75% had an active motor insurance whilst 25% had lapsed policies.

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