Millennials more aware of own damage, TP insurance: Survey

A large number of millenials have availed own damage (OD) and third party (TP) insurance policies for their cars and bikes, a survey said today.
The survey was conducted by ICICI Lombard General Insurance among 1,073 millennials, comprising both car and two-wheeler owners, spread over Mumbai, Delhi, Pune, Bengaluru, Ahmedabad and Kolkata.
Even as 76 per cent of people surveyed were aware of car insurance policy in OD and TP, 41 per cent had availed of it, the survey report, released here, said.
In case of third party motor insurance, 78 per cent of people surveyed were aware of the insurance policy and 23 per cent among them had already availed of the same.

When it comes to OD and TP bike insurance, 80 per cent respondents were aware of bike insurance policy and 38 per cent among them had already availed of the same.
In case of third party bike insurance, 73 per cent of people surveyed were aware of it, while 23 per cent among them had already availed of the policy, the report said.

The study says that around a quarter of millennial vehicle owners have made claims, whereas bike owners display low familiarity with the claims process.
"The survey reveals that the Indian millennial is concerned about maintaining his/her vehicle through regular servicing.

"However, when it comes to adopting the right safety approach in terms of insuring vehicles and being aware of the processes, for example claims, not many seem to be in the know how," ICICI Lombard Chief - Underwriting, Claims and Reinsurance, Sanjay Datta said.
"It is important that multiple stakeholders including insurers work towards increasing awareness," he said.
Among bike owners, Delhi emerged as the least inclined to
share space with pillion-riders, followed by Kolkata, while Mumbai reigned as the most generous.
In matters of road safety, almost 40 per cent of car/bike owners claimed they never drove rashly, but when they did, it was only due to a medical emergency.

Some common road safety violations among car owners as per the survey were 'playing loud music' (39 per cent), 'overtaking' (46 per cent) and 'talking on mobile while driving' (39 per cent).
Among bike owners, 'not wearing helmet' (41 per cent), 'lane crossing' (40 per cent), 'jumping signals' (39 per cent) and 'talking on mobile while riding' (39 per cent) were the common causes.
A total of 60 per cent of millennial vehicle owners initiate a claim only when there is a major damage to the vehicle, but more car/bike owners in Kolkata (69 per cent) stated that they would initiate a claim even if there is a minor damage.