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A majority of vehicles in the country run without an insurance cover, said a survey by ICICI Lombard.
According to ICICI Lombard, while two wheelers account for 70 per cent of all vehicles in India, almost 75 per cent of vehicles run without insurance -- either they run without Insurance or their insurance has lapsed.
Further, out of 32.9 million vehicles registered in India excluding two wheelers only 9.5 million are uninsured.
This comes even as it is mandatory for all vehicles on the road under the Motor Vehicle Act to have a third party insurance cover.
Sanjay Datta, Chief-Underwriting, Claims and Reinsurance said that the renewals among two wheelers are low as there is limited distributor interest as ticket-size of these policies is small.
However, he said that the company has launched three-year two-wheeler insurance policies in April which has sold more than 2.7 lakh policies which will reduce the hassles of renewing policies every year.
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