Approximately 31% of India’s urban population lives in cities. With the expected development rate of approx 6-7%, this is likely to go up to 38% in the next 10 years. The good part is that there are welfare schemes like NREGA and establishments of SEZ(Socio economic zones). These ensure that there is an overall development across the country and there is no cluster that is left behind. Ina recent report by Mckinsey, they identify 49 metropolitan clusters which are likely to account for 77 per cent of India’s incremental GDP from 2012 to 2025.
While All is Well for the growth story of india, there is a clear need for more awareness in terms of insurance. According to a latest report, even the mandatory third party insurance for automobiles in India is not being followed strictly. One insurance firm estimates that there would be atleast 30% 4 wheelers and 70% two wheelers who will be without insurance. Tier 2 & 3 cities, seems to be a major contributor to this, where the rules are not enforced strictly. This also has resulted in lesser compensation to people suffering from road accident, if at all.
The positive news is that this trend seems to be improving in recent times, with the advent of easier way to get an insurance policy, through own bank branches or online. Online purchase of policy also enables you to get multiple quotes and decide your insurance policy in a wise manner.
If you need any assistance in selecting the best insurance for your vehicle, please fill in the form above and get the best insurance quote.