From April’2017, car, motorcycle and health insurance is going to get costlier, as the insurance regulator IRDAI is going to give “go-ahead” to insurers for revision in commission for agents.
The IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations, 2016 will hike premium rates by as much as 40% for 2016-17 which will come into effect from 1st April’2017. For cars below 1,000cc the premium has raised by 40% to Rs 2,055, while for compact or B segment cars (1,000-1,500cc) the increase is 40% to Rs 2,237 & for sedans, the regulator has increased it by 25%.
Automobile industry today not only thinks about today but also about the future that holds immense possibilities. Possibility of an electric car that will solve the problem of emptying petroleum reserves, fully automatic cars and even flying cars in longer view.
Today we see all the buzz going around autonomous or semi autonomous cars that are already being tested on roads in California and other states and Silicon Valley has taken this challenge head on to built cars that are not only autonomous but safe.
When we talk about autonomous cars, Artificial Intelligence is the first thing that comes to our mind as most of the technology revolves around an effective & efficient AI.
As a basic human nature, we generally don’t realize what we got until it’s gone, try not to make that mistake with your automobile engine. Just like human illness, there are certain symptoms of engine sickness that warrants an engine replacement. But just like humans, sometimes our vehicles just do what they’re supposed to do, yet if not well they will show symptoms like show up late, have no energy, can’t do what they’ve always been able to do before or worse, like humans they too call in sick throwing a wrench in the works.
March 31 2017 the day when BS III compliant vehicles sales is supposed to be stopped all over the country, this will make 9 Lakh BS III compliant vehicles with a value of Rs. 12,000 Crs obsolete in one shot. However a section of industry is keeping its hopes high and believed that the government will move the deadline ahead to lower the loss. According to an order of the Supreme Court-mandated Environment Pollution Control Authority (EPCA), only BS4-compliant vehicles will be registered in the country from April this year.
While one half of the industry is in support of the mandate other wants the decision to hold until their stock lasts. The main reason of the confusion is said to be the notice shared by road transport and highways ministry which spoke about making BS IV Mandatory from April 2017 but did not mention the discontinuing of BS III vehicles in the country.
India, which is on the verge of emerging the 3rd biggest automobile market in the world is now attracting global companies to drive in and eat the share of pie. Recently KIA, Peugeot & SAIC motors also unveiled their plans to enter the country. In fact as per the recent news KIA is on location hunting process and is likely to finalize Anantpur in Andhra Pradesh as its first plant location and will finalize the deal by February 2017 end.
Recently Toyota Motor president Akio Toyoda and Suzuki Motor chairman Osamu Suzuki had a meeting with the Prime Minister Narendra Modi to apprise him about their recent tie up in Japan and its implications in India.
Being one of the largest sectors, Automotive Industry plays a vital role in India National Development. In FY 2015–16, sector generated annual production of 23.96 million vehicles.
With time, automotive market in India is growing with a remarkable speed and with population of young drivers coming in, demand is touching the great heights, and to meet those demands several auto makers have started investing heavily in various segments of the industry, as Government of India as well encourages foreign investment in the automobile sector and allows 100 per cent FDI under the automatic route making the sector to grow with ease.
The internet always has been and always will be the magic box, which only augments our brain. Right now internet has become the force that is always in your favor. Everybody knows internet is super smart, but do you know that now internet has become the power which magnifies outcomes of your efforts while searching for the perfect new or used vehicle.
According to the research over 88% of the automobile buyers use the Internet to shop. Buyers use variety of devices to shop, including desktop and laptops, smart phones and tablets. 46% of the interested buyers even use multiple devices while shopping for a vehicle, be it new or used.