Head-on-collision causes most claims, says ICICI Lombard

Study by ICICI Lombard and IMRB says that 19% bikers do not keep insurance papers

Head-on collision between vehicles is the most common nature of accidents, according to claims data for October to December 2013 by ICICI Lombard General Insurance. Further, insights from the ICICI Lombard study with IMRB showed that 19 per cent of bikers do not keep insurance papers with them.

The study, Understanding the Road Safety habits of Indian Motorists, showed that while comprehensive insurance policies are available for the motor segment, younger motorists only opt for third-party insurance, which is mandatory in India. Own-damage policy, which pays for damage to the vehicle in a fire, earthquakes, floods, storms, burglary and even terror acts, is optional. Third-party policies cover external third-party liability in motor insurance.

The survey showed that third-party insurance is purchased by more than 25 per cent respondents in Bangalore and Delhi. While Ahmedabad had maximum respondents (60 per cent) having own-damage and third-party cover, Kolkata (50 per cent) had most people with comprehensive plan with accident cover.

Sanjay Datta, chief (underwriting and claims) at ICICI Lombard, said although 68 per cent of respondents are aware of making an insurance claim as shown by their research, the majority of respondents will first contact their agent while making a claim.

“We have introduced several new initiatives to make the process of claims easier and automated. However, this research shows that the insurance agent is the first to be contacted by most policyholders at the time of claim,” he added.

This survey was conducted in Mumbai, Delhi, Bangalore, Kolkata, Ahmedabad among 987 respondents.