CAR INSURANCES
Did Elon Musk use a $1 million McLaren F1 car for daily use and crash it to impress billionaire Peter Thiel?
Elon Musk used a $1 million McLaren F1 car as a normal vehicle for day-to-day work and transport. It was his daily drive from Los Angeles to San Francisco and he drove 11,000 miles.
VinFast set to drive into India with locally assembled cars
VinFast, the EV arm of Vietnam's biggest conglomerate Vingroup, is expected to launch its first locally assembled car during the 2025 festive season. It is likely to sell its vehicles in the ₹25-30 lakh range, placing them in the premium affordable segment of India's burgeoning market for EVs. The models are likely to have a range of 300-500 kilometres.
InsurTech firm ACKO drives into car repair and service space
ACKO, the Bengaluru-based insurtech firm, is expanding into car servicing and repair with its ACKO Drive Service Centres, targeting cars out of warranty. Initially launched in Bengaluru, plans include centres in Delhi, Mumbai, Pune, Hyderabad, Ahmedabad, and Chennai. Aiming to reach 100 centres in three years, ACKO seeks to capitalize on the growing $25 billion car service market.
What Is zero depreciation in car insurance?
Car owners are advised to drive responsibly to save on insurance premiums and claim settlements. The concept of zero depreciation insurance ensures full invoice value payment during claims. This add-on is beneficial for new, luxury, or frequently-driven cars, and those in high-risk areas.
Car dealers feel the load as sales slow, inventory piles up
Passenger vehicle makers seek a 90-day credit cycle extension from auto financiers due to pressure in retail and sales channels amid slowing sales.
Motor insurance rule change: No arbitrary claim rejection, quicker claim settlement, pay as you drive option must, says IRDAI
Motor Insurance New Rules by IRDAI: The Insurance Regulatory and Development Authority of India (IRDAI) has updated the master circular clarifying important rules for motor insurance policyholders. The regulator has proposed the implementation of strict timelines for claim settlements of auto insurance policyholders. It is a crucial step towards improving efficiency and customer satisfaction. Another key change is the introduction of a customer information sheet (CIS) for auto insurance policies to enhance customer awareness.
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Why might an insurance company deny your claim during the monsoon?Sandeep Saraf answers
A comprehensive policy does not guarantee that all flood-related damages will be covered. Multiple types of damages can occur during a flood, such as engine damage, electrical damage, interior damage due to water seepage, or gearbox damage. A normal comprehensive package covers these to some extent, but not 100%. We recommend a few add-ons for every customer purchasing a car insurance policy.
SBI changes gears, links car dealer commissions to their performance
State Bank of India (SBI), the country's largest lender, is set to link the commission it pays to car dealers for sourcing loans to sales, aiming to reduce costs and improve profitability. The revised payout structure will be applicable for all sourcing from June 1. Under the existing structure, dealers would earn a flat 2% commission for loan disbursals ranging from ₹50 lakh to ₹15 crore.
Why thieves in the US are robbing catalytic converters from cars
The US is witnessing an increasing menace of catalytic converter thefts from vehicles. This has once again hogged the spotlight after the murder of actor Johnny Wactor in Los Angeles.
Mygate enters insurance distribution business, partners with Acko
Mygate app, in partnership with Acko General Insurance, received an aggregator licence from IRDAI to distribute insurance policies, offering exclusive pricing and expanding product range.
How to check car detail by number plate or RC number?
Checking vehicle owner details using a vehicle’s number plate is crucial in various situations, such as hit-and-run accidents or buying a second-hand vehicle. On the Parivahan website, you can easily access this information by entering the vehicle registration number. This service provides details about the owner, registration date, make and model, fuel type, road tax, insurance, and more.
Kia partners with Orix to introduce vehicle lease programme
Kia India has partnered with Orix auto infrastructure services to launch the 'Kia Lease' program, aiming to provide customers with a hassle-free ownership experience without maintenance, insurance, or resale concerns. The initiative has been rolled out in major cities like Delhi NCR, Mumbai, Hyderabad, Chennai, Bengaluru, and Pune. Kia India anticipates significant growth in the leasing segment, aligning with the global trend and catering to the evolving needs of consumers.
Will China become the cat among India's EV pigeons?
Chinese electric vehicles are causing concern in the US and Europe due to their affordability and efficiency. The US has responded by imposing tariffs on Chinese EVs and lithium-ion batteries. India may now become a target for Chinese EVs. Stellantis is considering manufacturing Leapmotor's electric vehicles in India to avoid tariffs.
Car loan interest rates for May 2024: Latest car loan interest rates of top 18 banks
Latest car loan interest rates: The EMIs you pay on the loan will vary significantly depending on the interest rate. You might be able to work out a better deal and get a cheaper interest rate if you have good credit. List of car loan interest rates offered by 18 banks in 2024.
Berkshire reveals $6.72 billion Chubb stake, insurer's shares rise
Berkshire owned 25.92 million Chubb shares as of March 31, according to a regulatory filing detailing Berkshire's U.S.-listed holdings as of that date.
Top stolen vehicles of 2023: Why do Hyundai, Kia cars head the list in U.S
Social media trends on stealing cars have led to a surge of stolen Hyundai and Kia vehicles, according to the latest reports.
Small cars will be big again, says Maruti Suzuki
Maruti Suzuki anticipates a recovery in small car sales due to economic growth. The company aims to capitalize on this trend by introducing new models to cater to diverse customer segments and enhance vehicular safety standards. Small-car sales fell 12% in FY24.
Car more than 15 years old? State govts announce discounts for scrapping; 5 things to know about how to scrap an old car
How to scrap an old car: Several states in India are offering discounts of up to 25% on personal vehicle prices or road taxes for customers who scrap their old vehicles and buy a new one. The government's Voluntary Vehicle Fleet Modernization Program aims to get rid of old and unfit vehicles that cause pollution and harm the environment. Different age criteria apply to commercial and private vehicles, and it is mandatory for states to promote the scrapping of old vehicles.
Car buyer to get Rs 14 lakh compensation as the car given for repairing was stolen from authorised service centre
Hyundai car gets stolen from service centre: A Hyundai Verna car was stolen from Kamal Auto Hyundai's (an authorised dealer) workshop. However what's more shocking is that the dealer hid this fact from the car buyer for almost two months. It was only when an FIR was lodged that Rajasthan Police found this out.
'It is desolate': China's glut of unused car factories
The facility, a former assembly plant and engine factory, had been a joint venture of a Chinese company and Hyundai, the South Korean giant. The complex opened in 2017 with robots and other equipment to make gasoline-powered cars. Hyundai sold the campus late last year for a fraction of the $1.1 billion it took to build and equip it. Unmown grass at the site has grown knee high.
Tesla woos China customers with cheaper cars after Musk defers India visit
Tesla Inc. has reduced vehicle prices in China amidst stiff competition. Tesla had earlier introduced incentives in China to attract consumers, countering competition from BYD. Musk meanwhile deferred his India visit, which was aimed to tap into a new market amid declining sales and stock prices.
These car modification could void your insurance
Indian car owners are increasingly modifying their vehicles, but it's crucial to inform insurers about any changes to avoid potential issues with insurance coverage in India.
Why you should renew your car insurance policy on time?
Renew car insurance promptly to comply with the law, avoid financial burdens, and maintain benefits like no-claim bonuses. Online services simplify the process, ensuring continuous coverage and hassle-free renewals.
Safeguarding Your Smart Car: How to secure your connected car from cybersecurity threats
In today's tech-driven era, smart cars are revolutionizing transportation with advanced features aimed at enhancing safety and connectivity. However, this integration of digital systems brings forth cybersecurity concerns, threatening vehicle and occupant safety. Essential strategies include software updates, strong passwords, secure Wi-Fi, and cautious usage of third-party devices.
Repair or replace? Insurers in this country sending electric cars to junk yards due to mechanic shortage
Electric car sales in the UK face challenges due to a shortage of trained technicians for complex EV repairs. The scarcity of repair technicians poses a threat to exacerbate this situation, particularly in the UK, where consumer adoption has remained stagnant for nearly two years. The lack of mechanics trained to handle advanced EV repairs is contributing to the escalation of repair costs.
Understanding liability in vehicle insurance: What car and bike owners should know
Choosing the right vehicle insurance in India involves understanding liability coverage, comprehensive plans, and exclusions. ACKO provides tailored coverage, add-ons, and competitive pricing for comprehensive protection and peace of mind.
Delhi tops cities with highest car thefts: Here are the 3 notorious locations and most common days for theft
Once again, Delhi has secured the top spot for car thefts, with Bhajanpura and Uttam Nagar identified as the most susceptible regions. According to a recent study by Acko, Shahdara, Patparganj, and Badarpur have emerged as additional high-risk areas. Chennai and Bengaluru trail behind in vehicle theft statistics. In 2023, incidents of theft have doubled, resulting in one vehicle being stolen every 14 minutes in the NCR.
Jet-setting Taylor Swift downsizes private jet collection amidst legal threats and environment concerns
Taylor Swift sells private jet amidst legal threats, drawing attention to environmental concerns. Critics highlight the disproportionate carbon footprint of private jets, contrasting with road travel for short distances. Swift's case reflects broader issues of wealth-driven emissions contributing to climate change, emphasizing the need for systemic changes to promote environmental justice and sustainability.
Are you planning to take a loan to buy your dream car? Here's a checklist for you
It’s always a good idea to check all the car loan products available in the market to avail of the most suitable one. Here are some key points to consider. Text: Centre for Investment Education and Learning (CIEL).
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