• Rajasthan

    Cong 99
    BJP 73
    RLM 3
    OTH 24
  • Madhya Pradesh

    Cong 112
    BJP 108
    BSP 2
    OTH 5
  • Chhattisgarh

    Cong 67
    BJP 15
    JCC 7
    OTH 0
  • Telangana

    TRS-AIMIM 95
    TDP-Cong 21
    BJP 1
    OTH 2
  • Mizoram

    MNF 26
    Cong 5
    BJP 1
    OTH 8

* Total Tally Reflects Leads + Wins

Two-wheeler ownership up 6% due to insurance move: HMSI

By: | Updated: September 7, 2018 4:41 AM

Honda Motorcycle and Scooter India (HMSI) on Thursday said that ownership of two-wheelers has gone up by around 6% due to mandatory long-term insurance premiums introduced from September 1, which may impact sales in the days to come.

honda motorcycle

On July 20, the Supreme Court ordered that third-party insurance cover for new cars be for a period of three years, and five years for two-wheelers.Honda Motorcycle and Scooter India (HMSI) on Thursday said that ownership of two-wheelers has gone up by around 6% due to mandatory long-term insurance premiums introduced from September 1, which may impact sales in the days to come.

“In the near term there is some disruption expected in the current growth momentum in the country. Nobody was expecting the insurance regulation (introduced from September 1). It has made two-wheelers costlier by 6% to buyers. From April 1, 2019, ABS and CBS will be compulsory in two-wheelers. We are looking at an entirely difference price point for two-wheelers in the country,” Yadvinder S Guleria, senior VP, sales & marketing, HMSI told FE on the sidelines of the the SIAM annual conference.

On July 20, the Supreme Court ordered that third-party insurance cover for new cars be for a period of three years, and five years for two-wheelers. The order applied to all policies sold beginning September.
HMSI, a leader in the scooter segment, feels the regulatory changes may put breaks on the growth of the two-wheelers industry. Guleria said they are very cautious about the timing to install new capacity due to impending regulatory changes including BS VI implementation from April 2020.

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