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THE STUDY OF MOTOR VEHICLE INSURANCE

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0ABSTRACT

1) IntroductionIn India, the insurance market segmented in two markets. One is life insurance market

and second is non life insurance markets or General insurance market.

The General insurance business started with the establishment of the triton insurance

in Calcutta. The general insurance business started working since 1850

107 insurers amalgamated and grouped into four companies they are1) The National Insurance Company Ltd.

2) The New India Assurance Company Ltd.,

3) The Oriental Insurance Company Ltd. And4) The United India Insurance Company Ltd.

GIC incorporated as a company

Motor insurance;

Legally, no motor vehicle is allowed to be driven on the road without valid insurance.

Hence, it is obligatory to get the vehicle insured. Motor insurance is started in U.K.

Firstly.

2) Research ObjectivesThe objectives of the research are drawn as below.

1. To study the awareness among the people about motor vehicle insurance.2. To acquire proper knowledge about various type of insurance policy

available

3. To study the preference of policy of the customers.4. To study the performance of the insurance companies.

3) Research Methodology;Research can be defined as process where in activities are done systematically to

find out solution of problem. Research basically means a detailed study of a

particular subject.

The research involves various steps, these steps are as follows.


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Collection of dataData required for the research has been collected in the form of Primary and

Secondary data.

Primary data has been collected through structure questionnaire and

interviews.

Secondary data has been collected through related books, journals, newspaper

and websites.

Sample design;The Sample size was 150 respondents for research.

The sample technique used for research is Convenience Sampling Technique.

4) Data presentation and interpretationData has been interpreted with the help of appropriate statistical technique

wherever required.

On the basis of data analysis the interpretation for the research has been

made.

5) ConclusionOn the basis of data analyzed and considering the opinion of the policy holder

conclusion has been drawn, they are-

Majority of two wheeler owners insured there motor vehicle from the fourpublic sectors companies.

Customers attract toward services qualities and product of insurancecompanies.

6) SuggestionFollowing are the some suggestions:

Company should be improved the duration of the policy. Company should improve the quality of services to face the competition


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Chapter I

GENERAL INSURANCE

1.1 Introduction of General Insurance.

Insurance other than Life Insurance falls under the category of General

Insurance. General Insurance comprises of insurance of property against fire,

burglary, landslide, storm, hurricane, flood, earthquake, burglary, theft, riots or any

damage caused to the vehicle in transit by road, air, inland waterway or rail, personal

insurance such as Accident and Health Insurance, and liability insurance which covers

legal liabilities. There are also other covers such as Errors and Omissions insurancefor professionals, credit insurance etc.

General insurance companies have products that cover property against fire and

allied perils, flood storm and inundation, earthquake and so on. There are General

insurance products that cover property against burglary, theft etc. The General

insurance companies also offer policies covering machinery against breakdown, there

are policies that cover the hull of ships and so on. A Marine Cargo policy covers

goods in transit including by sea, air and road. Further, insurance of motor vehicles

against damages and theft forms a major chunk of General insurance business.

In respect of insurance of property, it is important that the cover is taken for the

actual value of the property to avoid being imposed a penalty should there be a claim.

Where a property is undervalued for the purposes of insurance, the insured will have

to bear a ratable proportion of the loss.

Personal insurance covers include policies for Accident, Health etc. Health

insurance covers offered by non-life insurers are mainly hospitalization covers either

on reimbursement or cashless basis. The cashless service is offered through Third

Party Administrators who have arrangements with various service providers, i.e.,

hospitals. The Third Party Administrators also provide service for reimbursement

claims. Sometimes the insurers themselves process reimbursement claims.


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Accident and health insurance policies are available for individuals as well as

groups. A group could be a group of employees of an organization or holders of credit

cards or deposit holders in a bank etc. Normally when a group is covered, insurers

offer group discounts.

Liability insurance covers such as Motor Third Party Liability Insurance,

Workmens Compensation Policy etc offer cover against legal liabilities that may

arise under the respective statutes Motor Vehicles Act, The Workmens

Compensation Act etc. Some of the covers such as the foregoing (Motor Third Party

and Workmens Compensation policy) are compulsory by statute. Liability Insurance

not compulsory by statute is also gaining popularity these days. Many industries

insure against Public liability. There are liability covers available for Products as well.

There are general insurance products that are in the nature of package policies

offering a combination of the covers mentioned above. For instance, there are package

policies available for householders, shop keepers and also for professionals such as

doctors, chartered accountants etc. Apart from offering standard covers, insurers also

offer customized or tailor-made ones.

Suitable general Insurance covers are necessary for every family. It is important

to protect ones property, which one might have acquired from ones hard earned

income. A loss or damage to ones property can leave one shattered. Losses created

by catastrophes such as the tsunami, earthquakes, cyclones etc have left many

homeless and penniless. Such losses can be devastating but insurance could help

mitigate them. Property can be covered, so also the people against Personal Accident.

A Health Insurance policy can provide financial relief to a person undergoing medical

treatment whether due to a disease or an injury.


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Industries also need to protect themselves by obtaining insurance covers to

protect their building, machinery, stocks etc.

Most general insurance covers are annual contracts. However, there are few

products that are long-term.

It is important for proposers to read and understand the terms and conditions of a

policy before they enter into an insurance contract. The proposal form needs to be

filled in completely and correctly by a proposer to ensure that the cover is adequate

and the right one.


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1.2 History of the General Insurance

In India, the general insurance started working since 1850 with the establishment of

the triton insurance, Calcutta. In north British and mercantile catered to the

requirement of insurance business.

Some of the important milestones in the general insurance business in India are:

1907: The Indian Mercantile Insurance Ltd. set up, the first company totransact all classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association ofIndia, frames a code of conduct for ensuring fair conduct and sound business

practices.

1968: The Insurance Act amended to regulate investments and set minimumsolvency margins and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalization) Act, 1972nationalized the general insurance business in India with effect from 1st

January 1973.

107 insurers amalgamated and grouped into four companies The National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and The United India Insurance Company Ltd.

This General Insurance Companies are incorporated as a

company


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1.3 Feature of General Insurance:

Insurance does not and cannot eliminate the risk but reduces the financial burden.

The insurer who undertakes the risk the risk for a small premium also gains as he will

not have to pay to the entire owner who is insured. The main features are as:

a) General Insurance is a contract for compensating losses:

The general insurance is a contract of compensating losses. General

insurance companies have products that cover property against fire and allied perils,

flood storm and inundation, earthquake and so on

b) Premium is charge for insurance contract:

No contract is valid unless there is due consideration. In the case of insurance

contracts premium is the consideration from the insured and the promise to

indemnity is the consideration from the insurer.

c) The payment to insured as per terms of agreement in the event of loss:

The payment to insured as per terms of agreement in the event of loss. The event that

constitutes the trigger of a claim should be fortuitous, or at least outside the control of

the beneficiary of the insurance. The loss should be pure, in the sense that it results

from an event for which there is only the opportunity for cost.

d) General Insurance is a contract of good faith:

The parties to a commercial contract, according to law, required to observe good faith

the seller cannot mislead the buyer in respect of transaction, but he has no obligation

to disclose all information about the subject of the contract. General insurance is a

contract which is totally depending upon good faith this contract is not possible

without the faith on each other party.


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e) General Insurance is contract for mutual benefits:

The general insurance provides the benefit to both parties. The insurance diversify the

risk. When the insured pay the premium at that time the owner of the property has

right to get insurance claim on the property damaged.

1.4 Benefits of General Insurance:

The need for insurance arises to safeguard the interest of people from uncertainty

by providing certainty of payment at the occurrence of a happening. The following are

the beneficiary of General Insurance.

1) General insurance provides security and safety.2) Insurance affords peace of mind.3) Insurance protects mortgaged property4) Tax rebate.5) Security against loan, or other types of loan.

In this way there are some benefits of general insurance.

1.5 Products & Types of General Insurance

1.5.1 Motor insurance:

Motor Insurance or vehicle Insurance is all about protecting against financial losses

arising out of vehicle usage. With the multifold rise in usage of four wheelers, motor

Insurance is also termed as motor insurance. Auto Insurance is one of the most

common types of general insurance products. Car Insurance is mandatory by law and

protects insured person and the people riding in his car from any legal claim or

penalty made by a third party. Family members who may drive insured person car can

also be covered through auto insurance.


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Types of Motor Insurance:

a) Car-Insurance :This is the fastest growing segment in the insurance sector as car insurance is

mandatory while buying a new car. Major car manufacturers are tying up with leading

insurance companies to provide quick insurance to its customers. Car insurance

covers loss or damage by accident, fire, lightning, riots, earth quake, hurricane,

terrorist attacks, explosion, theft, third partys claims and damages.

a)Two Wheelers Insurance :Two wheeler insurance is another type of popular auto insurance in India. It is

governed by the Indian Motor Tariff. This insurance provides protection against

natural and man made calamities like: fire, rockslide, landslide, storm, hurricane,

flood, earthquake, burglary, theft, riots or any damage caused to the vehicle in transit

by road, air, inland waterway or rail. Two wheeler insurance provides mandatory

personal accident cover of Rs. 1 lakh to the insurer. It also protects against legal

liabilities arising due to third parties injury/death or damage caused to its property.

b) Commercial Vehicle Insurance:

This type of insurance covers all those vehicles which are not used for

personal purpose. Trucks, buses, heavy commercial vehicles, light commercial

vehicles, multi utility vehicles, agricultural vehicles, ambulances etc are covered

under this insurance. The premium is calculated on the basis of the make and model

of the commercial vehicle, place of registration, year of manufacture, current

showroom price and whether the insurer is individual or corporate.


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1.5.2 Property Insurance:

Insurance becomes an important aspect of owning a property. It provides

financial security; a financial backup to the investmentPropertyinsurance covers

land, building, and the content of the building.This type of insurance protects the

property against the risks like fire, theft etc. This category also includes fire insurance,

flood insurance, earthquake insurance etc.

1.5.3 Fire Insurance:

Fire insurance is a compressive policy. A fire insurance policy involves an

insurance company agreeing to pay a certain amount equivalent to the estimated loss

caused by fire to the insured, within the time specified in the contract. The indemnity

is subject to change depending upon the policy. One should confirm with the insurer

about the types of risks covered, since one cannot insure the property against all types

of risks of fire.

1.5.4 Health Insurance:

Healthinsurance policy ensure guarding ones heath against any calamities that

may cause long term harm to him/him life and can hamper once earning available for

a lifetime. Health insurance will cover the cost of medical treatments. Dental

insurance, like medical insurance, is coverage for individuals to protect them against

dental costs.

1.5.5 Travel Insurance:

Travel insurance is a means to minimize the financial risks that can occur due to

b) Trip Cancellation/Interruptionc) Medical emergencyd) Events like delay or missed departuree) Delayed arrival or Loss of baggagef)

Passport loss and legal expenses


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g) Bankruptcy, Loss of cash, or valuablesh) Pre existing medical condition

1.5.6 Liability Insurance:

Liability insurance is one of the most popular because it costs much less than

many other options. For example, in regard to auto insurance policies, liability

insurance costs far less than full coverage. The reason for this is because full coverage

insurance must pay for both your vehicle and any other vehicle involved in a

collision, as well as property damage and medical expenses due to injuries to you or

another party.

1.5.7 Business Insurance:

Business insurance is a broad description that can be broken down into a list of nine

types of insurance policies

a) Property Insurance:

Property insurance insures against loss or damage to the location of thebusiness and its contents Property such as fire, theft or weather damage. This includes

specialized forms of insurance such as fire insurance, flood insurance, earthquake

insurance, home insurance, inland marine insurance or boiler insurance

b)Casualty Insurance:

Casualty insurance insures against loss or damage to the business. Casualty

insurance insures against accidents, not necessarily tied to any specific property.

Crime insurance is a form of casualty insurance that covers the policyholderagainst losses arising from the criminal acts of third parties. For example, a

company can obtain crime insurance to cover losses arising from theft or

embezzlement.

Political risk insurance is a form of casualty insurance that can be taken out bybusinesses with operations in countries in which there is a risk that revolution

or other political conditions will result in a loss.
http://www.wisegeek.com/what-is-property-damage.htmhttp://en.wikipedia.org/wiki/Thefthttp://en.wikipedia.org/wiki/Weatherhttp://en.wikipedia.org/wiki/Fire_insurancehttp://en.wikipedia.org/wiki/Flood_insurancehttp://en.wikipedia.org/wiki/Earthquake_insurancehttp://en.wikipedia.org/wiki/Earthquake_insurancehttp://en.wikipedia.org/wiki/Home_insurancehttp://en.wikipedia.org/wiki/Boiler_insurancehttp://en.wikipedia.org/wiki/Boiler_insurancehttp://en.wikipedia.org/wiki/Crime_insurancehttp://en.wikipedia.org/wiki/Criminal_acthttp://en.wikipedia.org/wiki/Thefthttp://en.wikipedia.org/wiki/Embezzlementhttp://en.wikipedia.org/wiki/Political_risk_insurancehttp://en.wikipedia.org/wiki/Countryhttp://en.wikipedia.org/wiki/Revolutionhttp://en.wikipedia.org/wiki/Politicshttp://en.wikipedia.org/wiki/Politicshttp://en.wikipedia.org/wiki/Revolutionhttp://en.wikipedia.org/wiki/Countryhttp://en.wikipedia.org/wiki/Political_risk_insurancehttp://en.wikipedia.org/wiki/Embezzlementhttp://en.wikipedia.org/wiki/Thefthttp://en.wikipedia.org/wiki/Criminal_acthttp://en.wikipedia.org/wiki/Crime_insurancehttp://en.wikipedia.org/wiki/Boiler_insurancehttp://en.wikipedia.org/wiki/Home_insurancehttp://en.wikipedia.org/wiki/Earthquake_insurancehttp://en.wikipedia.org/wiki/Earthquake_insurancehttp://en.wikipedia.org/wiki/Flood_insurancehttp://en.wikipedia.org/wiki/Fire_insurancehttp://en.wikipedia.org/wiki/Weatherhttp://en.wikipedia.org/wiki/Thefthttp://www.wisegeek.com/what-is-property-damage.htm


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c) Liability Insurance:

Liability insurance insures against liability legally imposed upon your

business because of the negligence of the business or its employees.

d) Commercial auto:

Commercial auto coverage insures against property damage to vehicles and

damage caused to others by those vehicles.

e) Business interruption Insurance:

Business interruption insurance insures against loss or damage to the cashflow and profit of a business caused by the business being unable to operate because

of interruption.

f) Workers health Insurance:

To be competitive, most businesses need to offer their workers health

insurance. This insurance offers a health coverage benefit to companies employees.

g) Life and disability Insurance:

Life and disability insurance protects the business against the death or

disability of key employees. For example, one partner carries a life insurance policy

naming the partnership as a beneficiary. If that partner dies, and the business has

planned properly, the proceeds of the policy can be used by the business to buy out

the share of the decedent's partnership interest from the estate.

h) Scripted policy:

It could very well be that your business is so unique to have need for coverage

that is a mixture of some of the coverage listed above or something written

specifically for your particular risk. One can think of some actresses, actors, or sports

stars that have had legs insured at some point in there careers. This would be an

example of a scripted policy.


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1.5.8 Flood Insurance:

This type of insurance pays the policy holder in case of any loss or damage to

the property due to flood. It protects the property against the flooding.

1.5.9 Earthquake Insurance:

This insurance compensates any damage to the property caused by earthquake.

Earthquake insurance is a form of property insurance that pays the policyholder in the

event of an earthquake that causes damage to the property. Most ordinary

homeowners insurance policies do not cover earthquake loss.

Most earthquake insurance policies feature a high deductible, which makes

this type of insurance useful if the entire home is destroyed, but not useful if the home

is merely damaged. Rates depend on location and the probability of an earthquake.

Rates may be cheaper for homes made of wood, which withstand earthquakes better

than homes made of brick.


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Chapter II

MOTOR INSURANCE

2.1 IntroductionTwo wheeler insurance provides a kind of personal accidental cover for owners,

while driving the vehicle. The policy generally provides protection from any loss or

damage to the vehicle arising out of natural calamity like fire, protection against third

party injury, burglary etc. The amount insured will depend on the current showroom

price multiplied by the depreciation rate fixed by the Tariff Advisory Committee at the

time of commencement of policy period. Fast and easy claim process by most insurance

companies will ensure existing customer loyalty and widen the customer base.

Legally, no motor vehicle is allowed to be driven on the road without valid

insurance. Hence, it is obligatory to get the vehicle insured. Motor insurance policies

cover against any loss or damage caused to the vehicle or its accessories due to the

following natural and man made calamities.

Natural Calamities: Fire, explosion, self-ignition or lightning, earthquake, flood,

typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide,

rockslide. Man made Calamities: Burglary, theft, riot, strike, malicious act, and accident

by external means, terrorist activity, and any damage in transit by road, rail, inland

waterway, lift, elevator or air.

Motor insurance provides compulsory personal accident cover for individual

owners of the vehicle while driving. One can also opt for a personal accident cover for

passengers and third party legal liability.

Third party legal liability protects against legal liability arising due to accidental

damages. It includes any permanent injury / death of a person and damage caused to the

property.


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2.2 Salient Feature of Motor Insurance :1) Motor vehicle insurance Contracts are subject to the basic principles

applicable to property and liability insurance in general.

2) The owner of the vehicle must bear a legal relationship to the vehicle wherebyhe or she stands to benefit by the safety of the vehicle, right, interest or

freedom from liability and stands to lose by any loss, damage, injury or

creation of liability.

3) Insurance companies issue Policy A for "Act Risks and Policy B forComprehensive Risks under the Motor Vehicles Insurance.

2.3 Classification of motor vehiclea. Private car:

It means car purely used for private or personal use and not for

carrying passengers for hire.

b. Commercial vehicles:It includes all types of mechanically driven vehicles used for business

purpose. This vehicle may be hire cars passengers vehicles, goods carries,

tractors, vans, trucks etc.

c. Motor traders vehicles:The motor of motor tractors and dealers on their premises do not

belong to them but are kept for repairs or for garaged purpose. These vehicles

are taken out on the road under trade plate without any specific insurance upon

them.


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d. Motor-cycle, scooters: (private or commercial)These vehicles are designed for special purpose such as fire-brigade

automobiles, ambulance, hearses, policy department vehicles, armed cars,

snow plows, street flushers, tractors traders etc.

2.4MOTOR INSURANCE POLICIES

2.4.1 Motor Policy 'A' (Act Policy)

Policy A covers risks required to be covered under the Motor Vehicles Act.

It is mandatory that every car owner be covered against Act Risks under Section 146

of Motor Vehicles Act 1988.

The scope of cover is to pay compensation for death of or bodily injuries to

third parties and damage to the property of third parties. While the Insured is treated

as the first party and the Insurance Company second party, all others would be third

parties.

2.4.2 Comprehensive Insurance Policy

The insurance policy is valid for one year. It becomes effective from the

moment the payment of premium is received by the insurance company, and ends at

midnight, exactly a year later.

The insurance policy can be obtained through an insurance agent or adevelopment officer of the insurance company. Usually, the new car dealer is also an

insurance agent. The insurance premium depends on the car's value, the engine power,

its seating capacity, and the value of other accessories like the air-conditioner

The insurance policy becomes effective from the moment the payment of

premium is received by the insurance company, and ends at midnight, exactly a year

later & it is valid for one year.


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A comprehensive insurance policy includes:

Third party cover. Loss / Damage to vehicle as a result of an accident, fire or theft. Risks against floods, earthquake, riots and strikes. Risk of loss/damage while in transit by road, rail, watercraft, air, elevator, etc. Terrorist activity Malicious act

Insurance policy not covers against

1) Normal wear, tear and general ageing of the vehicle.2) Depreciation or any consequential loss.3) Mechanical/ electrical breakdown.4) Wear and tear of consumables like tubes.5) Vehicle being used otherwise than in accordance with limitations as to use.6) Damage to/ by a person driving the vehicle without a valid license.7) Damage to/ by a person driving the vehicle under the influence of drugs or

liquor.

2.5Benefits of PoliciesPolicy A

1) The policy pays compensation awarded by a court of law, for death of or bodily

injuries to third parties including passengers being carried and crew engaged for

operation and maintenance of the vehicle.

2) It also pays damage to the property of third parties up to a limit of Rs. 6,000


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Policy B

1) This policy covers all the risks of Policy A (Act) as well as the loss

Damage to insured's vehicle also

2) Temporary spot repairs and/or towing charges to repair workshop & delivery for

repairs up to Rs.1, 500 are also paid

3) Minimum value for car up to 1500cc is Rs.15, 000 and Rs.30, 000 for higher

capacity

Intermediary values @ Rs.2.15%

Electronic and Electrical fittings @ Rs.3.40%

Risks like Earth Quake, Riot and Strike; Flood and cyclone; can be opted out for

discount

4) Policy B can be restricted to Fire only, theft only or Fire and theft with or

without Act risks

2.6 Public sectors General Insurance companies profile:-2.6.1 National InsuranceCompany Limited :

National Insurance Company Limited was incorporated in 1906 with its

registered office in Kolkata. Consequent to passing of the General Insurance Business

Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were amalgamated

with it and National became a subsidiary of General Insurance Corporation of India

(GIC) which is fully owned by the Government of India. After the notification of the

General Insurance Business Amendment Act, on 7th August 2002, National has been

de-linked from its holding company GIC and presently operating as a Government of

India undertaking.

National Insurance Company Ltd (NIC) is one of the leading public sector

insurance companies of India, carrying out non life insurance business. Headquartered

in Kolkata, NIC's network of about 1000 offices, manned by more than 16,000 skilled

personnel, is spread over the length and breadth of the country covering remote rural


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areas, townships and metropolitan cities. NIC's foreign operations are carried out from

its branch offices in Nepal.

The product ranges, of more than 200 policies offered by NIC cater to the

diverse insurance requirements of its 14 million policyholders. Innovative and

customized policies ensure that even specialized insurance requirements are fully

taken care of.

The paid-up share capital of National is Rs.100 crores. Starting off with a premium

base of 500 million rupees in 1974, NIC's gross direct premium income has steadily

grown to 42799 million rupees in the financial year 2008-2009.

National transacts general insurance business of Fire, Marine and

Miscellaneous insurance. The Company offers protection against a wide range of risks

to its customers. The Company is privileged to cater its services to almost every

sector or industry in the Indian Economy viz. Banking, Telecom, Aviation, Shipping,

Information Technology, Power, Oil & Energy, Agronomy, Plantations, Foreign

Trade, Healthcare, Tea, Automobile, Education, Environment, Space Research etc.

National Insurance is the second largest non life insurer in India having a large

market presence in North.

2.6.2 New India Assurance Co. Ltd. (NIA) :New India Assurance Co. ltd. founded in 1919 by Sir Dorab Tata and the first

Insurer in India fully owned by Indians. This company is the leading general

insurance company in India with the largest market share and the largest in Afro-

Asian region except Japan. The company has largest market share in India and the

largest in Afro-Asian region except Japan. In 2008-09 financial year the company

Recorded a gross premium income Rs. 4812 Crores with highest Net Profit in India of

Rs. 255 Crores Asset base of Rs.12984 Crores, the company investment portfolio of

around Rs. 8848 Crores Free reserve and surplus of Rs. 3304 Crores Solvency ratio of

3.45 compared to 1 as stipulated as per IRDA regulations.


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The company has a leading international insurer operating in 23 countries. An

all India network of 1100 offices & 24,000 employees Innovative products developed

for new areas such as information technology, banking and finance, nuclear power etc

Innovative products developed for new areas such as information technology, banking

and finance, nuclear power etc. The company has only Indian insurer to receive an

`A' rating (Excellent) by A.M. Best Co., an international rating agency The leading

underwriter for a majority of large projects in the country, including the National

Satellite programmed

2.6.3 The Oriental Insurance Company Ltd :

The Oriental Insurance Company Ltd was incorporated at Bombay on 12th

September 1947. The Company was a wholly owned subsidiary of the Oriental

Government Security Life Assurance Company Ltd and was formed to carry out

General Insurance business. The Company was a subsidiary of Life Insurance

Corporation of India from 1956 to 1973 till the General Insurance Business was

nationalized in the country. In 2003 all shares of our company held by the General

Insurance Corporation of India has been transferred to Central Government.

The Company is a pioneer in laying down systems for smooth and orderly

conduct of the business. The strength of the company lies in its highly trained and

motivated work force that covers various disciplines and has vast expertise. Oriental

specializes in devising special covers for large projects like power plants,

petrochemical, steel and chemical plants. The company has developed various typesof insurance covers to cater to the needs of both the urban and rural population of

India. The Company has a highly technically qualified and competent team of

professionals to render the best customer service.

Oriental Insurance made a modest beginning with a first year premium of

Rs.99, 946 in 1950. The goal of the Company was Service to clients and

achievement thereof was helped by the strong traditions built up overtime.


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Oriental Insurance works with its head Office at New Delhi has 23 Regional Offices

and nearly 900 operating Offices in various cities of the country. The Company has

overseas operations in Nepal, Kuwait and Dubai. The Company has a total strength of

around 16,000 employees. From less than a lakh at inception, the Gross Premium

went up to Rs.58 crores in 1973 and during 2006-07 the figure stood at a mammoth

Rs. 4020 crores.

2.6.4 United India Insurance Company :

United India Insurance Company Limited was incorporated as a Company on

18th February 1938. General Insurance Business in India was nationalized in 1972. 12

Indian Insurance Companies, 4 Cooperative Insurance Societies and Indian operations

of 5 Foreign Insurers, besides General Insurance operations of southern region of Life

Insurance Corporation of India were merged with United India Insurance Company

Limited. After Nationalization United India has grown by leaps and bounds and has

18300 work force spread across 1340 offices providing insurance cover to more than

1 Crore policy holders. The Company has variety of insurance products to provide

insurance cover from bullock carts to satellites.

United India has been in the forefront of designing and implementing complex

covers to large customers, as in cases of ONGC Ltd, GMR- Hyderabad International

Airport Ltd, and Mumbai International Airport Ltd Tirumala-Tirupati Devasthanam

etc. We have been also the pioneer in taking Insurance to rural masses with large level

implementation of Universal Health Insurance Programme of Government of India &

Vijaya Raji Janani Kalyan Yojana covering 45 lakhs women in the state of Madhya

Pradesh , Tsunami Jan Bima Yojana in 4 states covering 4.59 lakhs of families ,

National Livestock Insurance and many such schemes.


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Chapter III

RESEARCH METHODOLOGY

3.1 Introduction:

Research is the systematic method of collection, recording facts in the forms

of numerical data relevant to the formulating at a problems and arriving at a certain

conclusion over the problem bases on the collected data. Research can be defined as

logical and systematic means or technique to discover new facts or verify facts,

analyze their sequence, interrelationship and casual explanations which were derived

with an appropriate theoretical frame of reference develop new scientific tools,

concept theories which would facilitate reliable and valid study on human behavior.

Research in generally refers to a search for knowledge. In fact, research is an

art of scientific investigation. It is actually a voyage of discovery. We all possess the

vital instinct of inquisitions for, when the unknown comforts us, we wonder and our

inquisitiveness makes us probe and attain fuller undertaking of the unknown.

Research is an academic activity and as such the term should be used in a technical

sense.

According to Clifford Woody :-

research companies defining and redefining problem, formulating hypothesis

or suggested solutions, collecting, organizing and evaluating data, making deduction

and reaching conclusion and at last carefully testing the conclusion to determine

whether they fit the formulating hypothesis.

It is the pursuit of truth with the help of study, observation compassion and

experiment. In short, the search for knowledge through objectives and systematic

method of finding solution to a problem is research. As such the term research

refers to the systematic method consisting of enunciating the problems formulating

data, analysis, collecting the fact of certain conclusion the facts and reaching of

solution towards the concerned problem or in certain generalization for some

theoretical formulati


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3.2 Research Problem

Define research problem allows the researcher to focus on the how, what,

which, who, when, where, why question needed to guide the formulation or research

objectives. All the efforts, time and money spent to execute research will waste if

research problems are misunderstood.

Motor insurance business is growing very rapidly today. Now private player

also take part in such business 13 companies operating in general insurance business

in it only 4 companies are public sectors & remaining 9 in private sectors & with the

varieties of policy to choose form, the motor vehicle owner faces problems in

selecting best policy and the motor vehicle owners approach towards motor insurance

policy.

3.3 Research Objectives:

The study had following objective:

1. To study the awareness among the people about motor vehicle insurance.There are mainly three policies available for the motor vehicle insurance

in India. While purchasing the new vehicle the owner of vehicle does not pay

attention towards the motor insurance. So to study the awareness among the

people about motor vehicle insurance is my first objective.

2. To acquire proper knowledge about various type of insurance policyavailable.

The three policy available for the motor vehicle insurance in India and in

these three policy there characteristics are also different so to acquire proper

knowledge about various type of insurance policy available is my second

objective


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Page 24

3. To study the preference of policy of the customers. Among the three policies which is the policy the owner of motor vehicle

preferred according to there need & which policy is most popular among the

motor vehicle owner is my third objective.

4. To study the performance of the insurance company.There are mainly four public under taking insurance companies. They

perform at different level. So to study the performance of these companies is

my fourth objective.

3.4 Research Design

It is the plan structure and strategy of investigation conceived so as to obtained

answers to research questions and research design is the specification of methods and

procedures for acquiring the information needed.

Steps of research design

Identifying and stating the management problem and problem area Crystallizing, the objectives, purposes, rationale, scope and expected

limitation of the research

Identifying the types of data to be collected and its sources Specifying the methods of data collection and analysis Finalizing a systematic scheme for proceeding with the project including

sampling, survey analytical frame work and report writing.


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Page 25

3.5 Data collection:

Data required for the research will be collected in the form of Primary and

Secondary data

3.5.1 Primary Data:

Primary data was collected through structure questionnaire and interviews.

The questionnaire is used in research project was designed for self-administration.

For my study primary data refers to data collected directly from the two

wheeler owners in Amravati city.

3.5.2 Secondary data:

Secondary data was collected through related books, journals, newspaper

and websites.

3.6 Tools of Data Collection

Data was collected through structured questionnaires of multiple choice

questions based on objectives of studies.

A structured questionnaire is a formal list questions frame so as to get the

facts. The interviewer asks the questions in accordance with prearranged order. A

questionnaire was designed keeping in mind research objectives.

Following are the advantages of using questionnaires as the tool of data collection.

1) It facilitates the collection of information in systematic and orderly manner.2) It is free from the bias of interviewer.3) Answers are in respondents own words.4) Respondents have adequate time to give answers.5) The qualitative and quantitative data can be collected.6) Large samples can be covered.

Hence researcher uses questionnaires as tool for data collection.


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Page 26

3.7 Sampling :

3.7.1 Universe:

Universe was two wheeler owners of Amravati city.

3.7.2 Sample Size:

Sample size was 150 two wheeler vehicle owners.

3.7.3 Sampling Technique:

The respondent for the research was chosen with the help of Convenience

Sampling Technique.

3.8 Limitation of study:Every research has its own limitation. The limitations of this research are as follows:

1. The study will be conducted only within the universe of Amravati city.2. The study will be limited to the two wheelers owner only.


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Page 27

Chapter IV

DATA ANALYSIS & INTERPRITATION

The process of converting the information from a questionnaire so that it can

be manipulated & analyzed is referred to as data preparation. This process normally

follows data entry & data tabulation. The purpose of the data preparation is to take

data in its raw form & convert it into meaningful & information.

While conducting a research, presentation of collected data is an important

stage. The collected data should be interpreted properly so as to reach out a proper

conclusion. Thus data collected must be edited & tabulated into statically form on the

basis of questionnaire. After the data have been collected, the researcher turns to the

task of analyzing them. The analysis of data requires a number of closely related

operations such as establishment of categories, the application of these categories to

raw data through coding, tabulation & then drawing statistically inferences. Editing is

the procedure that improves the quality of the data for coding. Tabulation is the part

of technical procedure wherein the classified data are put in the form of tables.

After analyzing the data, the researcher should have to explain the findings on

the basis of some theory. It is known as interpretation. Coding operation is usually

done at this stage through which the categories of data are transformed into symbol

that may be tabulated & counted.

Tabulation the simple process of counting the number of respondents who

gave answer to each question in the questionnaire. The successful completion of every

study depends on the authenticity of the observation. To observe the collected data

carefully, following is the detail analysis of data collected through a structured

questionnaire, the analysis & interpretation of 150 respondents is given below.


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4.1 Age of respondents

Table no.4.1: Age wise distribution of respondents

The consideration of age factors is very important because the awareness of motor

insurance & seriousness to getting the motor insurance policy vary as per age group.

This table shows that 84 respondents from the age group of 18to25 ,which

covers the majority of respondents i.e. 56.00% and 35 respondents from the age group

of 26-45 there percentage among these is 23.33%. The 3

rd

position occupied by 20hence it can be concluded that most of the respondents are belongs to 18 to 25 year

age group.

From above table we concluded that out of 150 respondent majority of

respondents i.e. 85 respondents from the age group of 18-25

Sr. No.

Age group(in

years)

No. of

Respondents Percentage (%)

1 18 to 25 84 56

2 26-45 35 23.33

3 46-60 20 13.33

4 Above 60 11 17.33

Total 150 100


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Page 29

Graph no. 4.1

Age wise distribution of respondents

Sourceprimary data

84

35

20

11

0

10

20

30

40

50

60

70

80

90

18 to 25 26-45 46-60 Above 60

no.

ofrespondents

AGE GROUP (in year)


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Page 30

4.2 Qualification of respondents

Table no. 4.2 Qualification wise distribution of respondents

From the above table it can be concluded that 24 respondents are from the

S.S.C completed that cover 16%. And 30 respondents are from the H.S.C completed

and it is clear those majority respondents having 56 respondents from Graduation

completed respondents i.e. 37.33 % and 40 respondents completed their post

graduation.

From the above table we can conclude that the majority respondents i.e. 56

respondents completed there Graduation.

Graph no.4.2.

Qualification wise distribution of respondents

Sourceprimary data

24

30

56

40

0

10

20

30

40

50

60

S.S.C. H.S.C. Graduation Post Graduation

No.

ofresponden

ts

Qulification

Respondents

Respondents

Sr. no. Qualification Respondents Percentage (%)

1 S.S.C. 24 16

2 H.S.C. 12 20

3 Graduation 56 37.33

4 Post Graduation 40 26.67

Total 150 100


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Page 31

4.3 Occupation of respondents

Table no.4.3

Occupation wise distribution of respondents

Sr.no. Occupation Respondents Percentage (%)

1 Govt. Employee 21 14

2 Semi-govt. 17 11.33

3 Business 41 27.33

4 Student 61 40.67

5 Other 10 6.67

Total 150 100

From the table, it can be concluded that 21 respondents are from the govt.

Employee, 17 respondents are semi govt., 41 respondents from Business, majorities of

respondents i.e. 61 are from student and 10 respondents are belongs to other groups.

At the last we see that the majority of respondent belongs to the student

category.

Graph no. 4.3

Occupation wise distribution of respondents:

Sourceprimary data

2117

41

61

10

0

10

20

30

40

50

60

70

Govt.

Employee

Semi-govt. Business Student Other

no

ofResp

ondets

Occupation

Respondents


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Page 32

4.4 Monthly Income

Table No.4.4

Monthly income wise distribution of respondents

Sr.No. Income Range Respondents Percentage

1 Below 10000 67 44.67

2 10001-25000 42 28

3 25001-50000 22 14.67

4 Above 50001 19 12.66

Total 150 100

This table shows majorities of respondents are having their monthly income up to

Rs. 10,000. 42 respondents of total respondents are between 10,001- 25,000. And 22

respondents of total respondents are between 25,001- 50,000 and 19 respondents of

total respondent have their monthly income above 50,000

It can conclude that the majority ofrespondents income is below 10000.

Graph No.4.4

Monthly income wise distribution of respondents

Sourceprimary data

67

42

22

19

Monthly income of Respondents

Below 10000

10001-25000

25001-50000

Above 50001


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Page 33

4.5 Number of motor vehicle owners:

Table no. 4.5

Ownership of Motor vehicle wise distribution of respondents.

Sr.No.

Ownership of

motor vehicle No of Respondents Percentage (%)

1 Yes 124 82.67

2 No 26 17.33

Total 150 100

Above table shows that the 124 respondents i.e. 82.67% respondents are

owner of the motor vehicle whereas 26 respondents i.e. 17.33% are not used motor

vehicle

From above we concluded that the no. of motor vehicle owners are more

among the 150 respondents.

Graph No.4.5

Number of motor vehicle ownership wise distribution of respondents.

Sourceprimary data

124

26

No. of motor vehicle owners wise disribution of

respondents

Yes

No


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Page 34

4.6 Type of Motor vehicle wise

Table no.4.6

Motor vehicle wise distribution of respondents

Sr.No.

Type of motor

vehicle

No. of


1 Two wheeler 92 74.19

2 Four wheeler 10 8.06

3 Both 11 8.87

4 Other 11 8.87

Total 124 100

Above table gives the clear idea about the majority of respondents i.e. 92

having two wheeler 10 respondents have only four wheeler and 11 respondents are

those respondents who have four wheeler as well as two wheeler and in other have

also same i.e. 11 respondents.

The conclusion is that the two wheeler owners are more than other.

Graph No.4.6

The types of motor vehicle wise distribution of respondent

Sourceprimary data

Two wheeler

, 92

Four

wheeler , 10

Both , 11 other,

11

types of motor vehicle wise distribution of Respondents

Two wheeler

Four wheeler

Both

other


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Page 35

4.7 Motor insurance awareness:

Table no.4.7 Motor insurance awareness wise distribution of respondents

Sr.No.

Awareness of

motor insurance No of Respondents Percentage (%)

1 Yes 106 82.25

2 No 18 17.75

Total 124 100

Above table shows that 108 respondents are aware about the motor insurance and

remaining 22 respondents are much not aware about the motor insurance.

At last the conclusion is that the awareness of motor insurance among the motor

vehicle owners is more.

Graph no.4.7

The Motor insurance awareness wise of respondents

Sourceprimary data

Yes, 106

No, 18

No of Respondents

Yes

No


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Page 36

4.8 Insured motor vehicle

Table no.4.8 Insured motor vehicle wise distribution of respondents

Sr.No. Insured motor vehicle Respondents Percentage (%)

1 Yes 86 84.31

2 No 16 15.79

Total 102 100

Above table shows that 86 respondents are insured there two wheeler and 16 are

nor insured there vehicle.

It means that most of two wheeler owners insured there two wheeler vehicle.

Graph no.4.8

The insured motor vehicle wise distribution of respondents

Sourceprimary data

Respondents ,

86

Respondents ,

16

Respondents

Yes

No


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Page 37

4.9 Insurance Companies

Table No. 4.9 Insurance company wise distribution of respondents

Sr.No. Companies name Respondents Percentage (%)

1

The National Insurance

company Ltd. 19 22.09

2

New India Assurance

Company Ltd. 25 29.06

3

The Oriental Insurance


4

United India Insurance


5 Other 11 12.79

Total 86 100

From above table we concluded that The National Insurance company Ltd

secure 19 respondents from the total respondents. The New India Assurance CompanyLtd. Secured 25 respondents from the total respondents and they have majority. 18

respondents from the total no. of respondents get policy from the Oriental Insurance

Company Ltd. United India Insurance Company Ltd. Secure 13 respondents from the

total respondents.

Other company like Bajaj, Ifco-Ticko, Reliance, secure 11 respondents from

the total respondents

It concluded that the The National Insurance Company Ltd. Company is leading

company among the others.


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Page 38

Graph No. 4.9

Insurance Companies wise distribution of respondents

Sourceprimary data

19

25

18

13

11

0

5

10

15

20

25

30

.The National

Insurance

company Ltd.

New India

Assurance

Company Ltd.

The Oriental

Insurance

Company Ltd.

United India

Insurance

Company Ltd.

Other

No.

ofresp

ondents

Insurance Companies

Respondents

Respondents


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Page 39

4.10 Reason of insurance

Table no.4.10 Reason of insurance wise distribution of respondents

Sr.No. Reason of insurance Respondents Percentage %

1 For Safety 50 58.13

2 Friends suggested 08 9.30

3 Defense from penalty 20 23.25

4 other 08 9.30

Total 86 100

Above table shows that majority of respondents insured his motor vehicle for

safety purpose 50 respondents from the 86 respondents insured his motor vehicle. 08

respondents insured his motor vehicle because of friends suggestion, 20 respondents

insured his motor vehicle because they want to defense form the penalty and only 08

respondents their own other reason.

Now it concluded that the most of the two wheeler insurance holders insured

there vehicle for safety propose

Graph 4.10 Reason of insurance wise distribution of respondents

Sourceprimary data

50

8

20

8

0

10

20

30

40

50

60

For Safety Friends

suggested

Defense from

penalty

other

No

of

respondents

Reson of Insurance

Respondents

Respondents


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Page 40

4.11 Policy adoption

Table no.4.11 Policy adoption wise distribution of respondents

Sr.No. Policy adoption Respondents Percentage

1 Motor Policy A 32 37.20

2 Third Party Policy 30 34.88

3

Comprehensive

Insurance Policy 24 27.90

Total 135 100

The above table clarify majority that is 32 respondents i.e.37.20 respondents

from the total respondents adopt Motor Policy A and 30 respondents i.e.34.88

respondents from the total respondents adopt Third party policy and 24 respondents

adopt Comprehensive Insurance Policy.

It concluded that the most of the two wheeler owners are get Motor policy A

for insurance purpose.

Graph 4.11

Policy adoption wise distribution of respondents

Sourceprimary data

3230

24

0

5

10

15

20

25

30

35

Motor Policy A Third Party Policy Comprehensive

Insurance Policy

No

ofrespond

dents

Policy adoption

Respondents

Respondents


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Page 41

4.12 Reason of selection policy

Table no.4.12 Reason of selection specific policy wise distribution of respondents

Sr.No. Reason of insurance Respondents Percentage

1 Less premium 29 33.72

2 Friends suggested 27 31.39

3 Policy period 24 27.90

4 Less documentation 06 6.97

Total 86 100

Above table shows that majority of respondents insured his motor vehicle for

less premium purpose i.e. 29 respondents from the 86 respondents. 27 respondents

insured his motor vehicle because of friends suggestion, 24 respondents insured his

motor vehicle because they want to only Policy period consideration and only 06

respondent get policy for defense form the penalty.

Now it concluded that while getting insurance policy the insurance holder see the

premium of insurance.

Graph no. 4.12

Reason of selection specific policy wise distribution of respondents

Sourceprimary data

Less premium ,

29

Friends

suggested, 27

Policy period ,24

Less

documentation

, 6

Respondents

Less premium

Friends suggested

Policy period

Less documentation


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Page 42

4.13 Claim Benefits:

Table no.4.13 Claim benefit wise distribution of respondents

Sr.No. Claim Benefit

No. of


1 Yes 22 25.58

2 No 64 74.42

Total 86 100

From the above table we came to know that 25.58 of respondents taken thebenefits of claim and remaining 74.42% of respondents not taken any type of claim

benefit.

From above it can understand that the most of the insurance holder dose not get the

claim benefits.

Graph no. 4.13

The Claim benefit wise distribution of respondents

Sourceprimary data

22

64

No. of Respondents

Yes

No


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Page 43

4.14 Improvement in the policy:

Table No. 4.14 Improvement in the policy wise distribution of the respondents.

Sr.No.

Improvement in the

Existing policy

No. Of

Respondents Percentage %

1

The premium should be

minimum 20 23.26

2

Period of the policy should

be increase 17 19.77

3 Both A & B 49 56.98

Total 86 100

The above table clarify that 20 respondents of total respondents feel that the

period of policy should minimum and 17 respondents of total respondents feel that the

period of policy should be increase and majority respondents i.e. 49 from the total

respondents feel that both the above improvements must be implemented in the future

policy.

From above we can conclude that most of the insurance holders want the premium

should be less & period of the policy should be increase.

Graph No. 4.14

Improvement in the policy wise distribution of the respondents.

Sourceprimary data

20

17

49

Respondents

The premium should be

minimum

Period of the policy

should be increase

Both A & B


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Page 44

Chapter V

Observation, Conclusion and suggestion

5.1 IntroductionLegally, no motor vehicle is allowed to be driven on the road without valid insurance.

Hence, it is obligatory to get the vehicle insured. Public sectors and private sectors both

are played very well in the market since the insurance sector was opened to private

player. This type of company not only help full for the create awareness among the

people but also create the employment opportunity for employment.

5.2 ObservationFollowing are the observation, which were drawn from the data collected

It appears that 84 respondents from the age group of 18to25, which covers themajority of respondents and 35 respondents from the age group of 26-45 there

percentage among these 20 respondents are belongs to 18 to 25 year age

group.

It appearsThat 21 respondents are from the govt. Employee, 17 respondentsare semi govt., 41 respondents from Business, majorities of respondents i.e. 61

are from student and 10 respondents are belongs to other groups.

It is seen that majorities of respondents are having their monthly income upto Rs. 10,000. 42 respondents of total respondents are between 10,001-

25,000. And 22 respondents of total respondents are between 25,001-50,000

and 19 respondents of total respondent have their monthly income above

50,000

It is seen that the 124 respondents are owner of the motor vehicle whereas 26respondents are not used motor vehicle

It is seen that majority of respondents i.e. 92 having two wheeler 10respondents have only four wheeler and 11 respondents are those respondents

who have four wheeler as well as two wheeler and in other have also same i.e.11 respondents


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Page 45

It appears that 108 respondents are aware about the motor insurance andremaining 22 respondents are much not aware about the motor insurance

It is seen that 86 respondents are insured there two wheeler and 16 are norinsured there vehicle

It is seen that The National Insurance company Ltd secure 19 respondentsfrom the total respondents. The New India Assurance Company Ltd. Secure

25 respondents from the total respondents that have majority and The Oriental

Insurance Company Ltd Secure 18 respondents from the total respondents.

United India Insurance Company Ltd. Secure 13 respondents from the totalrespondents and other company like Bajaj, Ifco-Ticko, Reliance, secure 11

respondents from the total respondents.

It is seen that that majority of respondents insured his motor vehicle for safetypurpose 50 respondents from the 86 respondents insured his motor vehicle. 08

respondents insured his motor vehicle because of friends suggestion, 20

respondents insured his motor vehicle because they want to defense form the

penalty and only 08 respondents their own other reason.

It is clarify that majority that is 32 respondents from the total respondentsadopt Motor Policy A and 30 respondents from the total respondents adopt

Third party policy and 24 respondents adopt Comprehensive Insurance

Policy.

It is seen that majority of respondents insured his motor vehicle for lesspremium purpose i.e. 29 respondents from the 86 respondents. 27 respondents

insured his motor vehicle because of friends suggestion, 24 respondents

insured his motor vehicle because they want to only Policy period

consideration and only 06 respondent get policy for defense form the penalty.

It is clarify that 25.58 of respondents taken the benefits of claim and remaining74.42% of respondents not taken any type of claim benefit.


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Page 46

It is clarify that 20 respondents of total respondents feel that the period ofpolicy should minimum and 17 respondents of total respondents feel that the

period of policy should be increase and majority respondents i.e. 49 from the

total respondents feel that both the above improvements must be implemented

in the future policy.

It is clarify that The New India Assurance Company Ltd performance is alllevel in India is best and in Amravati is also best.

5.3 Conclusion

Following are the conclusions, which were drawn the data collected.

Majority of two wheeler owners insured there motor vehicle from thepublic sectors companies.

A public sectors company faces the competition from the private sectorsinsurance companies.

Customers attract toward insurance companies services qualities andproduct.

While insuring the motor vehicle the people take into consideration mostlyis the Defense from penalty.

A very few customer get the benefits from the motor insurance companies. New India Assurance Company ltd is the most preferable general

insurance company in Amravati city.

The awareness of general insurance among is more.


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5.5 SuggestionsThe conclusion derived, give rise to various suggestions by the researcher.

The suggestions are given below. As the entry of private insurance companies the competition is increased in

the market if any company want to survive for a long duration, the company

should considered the following points.

a) Service qualityb) Performance of the companyc) Customers satisfaction

The success of any company totally depends upon the satisfaction ofcustomers so the companies need to satisfy the all needs of customers

The company needed to offer more reliable policies to the customeraccording to the need of customers.

The insurance companies increased the period of insurance policy The insurance companies apply the personalized approach for handling the

customers.

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