Start making Big-Budget for Car, Motorcycle Insurance from April 1

Source - http://www.post-gazette.com/

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 1^st 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%.

After the necessary modifications the change in premium is going to be +\-5 % of the existing rates. This increase will work as an addition to the enhanced third party motor insurance rates. These regulations will also bring certain revisions in commission/remuneration rates and will also lead to introduction of the reward system.

According to IRDAI, this can cause insurers to revisit the pricing of their products, as far as the costing input relating to commission or remuneration is concerned. However, change in rates is going to be +\-5 % of the existing rates of products or add-ons.

For the policies already sold, Insurers will have to give the certificate saying “no detrimental change” in premium rates and any other provision of the policy in the policies.

Not just that, it’s now mandatory for used vehicle owners to transfer the insurance policy in their name to claim the insurance against the damaged vehicle. As no owner can now file a claim without the valid insurance transfer in their name.

Claim is only admissible, on the basis of a valid contract between the Insurance company and the new owner and absence of it will make the new owner non admissible to claim for any kind of insurance.

According to the court as well, “an insurance policy is a contract between a policy holder and an insurer and in the absence of the new vehicle owner’s name on the motor insurance policy, there exists no valid contract between him/her and the insurance company. Hence, any accidental damage suffered by the new owner is not admissible under the previous policy.”

Are you as well looking forward to buy a used vehicle and yet desire not to get through the complicated process of transferring previous insurance on your name alone?

You are on the right track then, as there is a company who can assist you and help you in your all types of used vehicle requirements as transferring the insurance policy on your name is quite a hectic process and doing it alone can be further more hectic, but it’s necessary and need to be done. 

Shriram Automall India Limited (SAMIL), No.1 service provider for Acquisition & Disposal of used vehicles in India, provides you the best quality used vehicles of every make and model in optimal prices, through innovative bidding platforms & also ensures complete transparency while closing the deal.

Company understands that, buying a used vehicle can be a big investment, which needs care and further assistance. So, company with its professional team in 67 Automalls across India, provides full documentation and valuation services to its customers, SAMIL team also assist customers regarding their all types of insurance needs.

To register yourself for acquiring or disposing used vehicles & equipment through a convenient platform you can simply visit your nearby Automall or click the link below and you are all good to go.

Link: https://goo.gl/TRchZK

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9 LAKH VEHICLES TO BECOME OBSOLETE AFTER MARCH 31

Source - http://images.indianexpress.com

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.

While the passenger vehicle segment is happy with the introduction of BS IV but the commercial vehicle & two wheeler segments are the one hit hard where a lot of old-generation stock is lying in the market.

According to industry estimates, nearly 75,000 units of BS3 commercial vehicles will be left unsold at the end of March, leaving a question mark on their usefulness in case registration is not allowed.

Meanwhile to stay away from all the above regulations if you wish to buy pre-owned vehicles with CNG option, you can get in touch with Shriram Automall. The company offers widest range of usedvehicles & equipment under one roof. You can also get take benefit from the finance company offered in assistance with STFC.

For more information about buying  or selling used vehicles and equipments please click here.

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WHERE TO BUY A PRE-OWNED COMMERCIAL TRUCK FROM?

Thinking about starting a new transportation business? Get strong as it will require a lot of effort & money to launch it in the best possible way. We suggest you go ahead with a fleet of pre-owned commercial trucks instead of new ones to start with as they come light on your pocket. Since, every truck is equipped with different features, safety factor and price; your choice will be purely dependent on the business and its requirement. Let’s dig deep into different places from where a used commercial truck can be bought.

Check out used commercial truck online

Most of us are still under the impression that internet is not a place to hunt for used commercial trucks. But, the reality is way ahead of our imagination. Internet is flooded with various options in second hand commercial trucks.

Visit Bidding Events

Bidding as a medium to acquire or dispose pre-owned vehicles has become quite prominent in today’s era. Regular bidding events take place across India for the exchange of pre-owned commercial trucks. Do visit one of them for a wide variety to choose from. Shriram Automall is one such place to look up to for participating in a bidding event

Visit local truck dealerships

A newspaper can help you a lot here. It carries the contact details of local dealers. So, go through it properly to reach out one near your location.  

Shriram Automall India Limited (SAMIL) is a renowned name in the pre-owned segment of Indian automobile industry, which regularly conducts a number of bidding events all over the country through their 60+ well structured Automalls

“At SAMIL, we serve a wide range of pre-owned commercial trucks on our transparent bidding platforms, including physical bidding, online bidding, OneStop classified and private treaty.” – Mr. Sameer Malhotra, CEO of SAMIL

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Different Ways Of Selling Pre-Owned Commercial Vehicles

If you are planning to expand your business then clearly your needs will also grow. You would definitely want to either upgrade your pre-owned commercial vehicle or dispose it at the best price in order to hunt for another option. If you wish to sell your pre-owned commercial vehicle then obviously you would want to explore the best ways. A well-planned disposal of used commercial vehicles is always fruitful with a better realization of money. Let’s take a glance at various ways of disposing a pre-owned commercial vehicle.   

Sell it on your own

If you are not in an urgent need to sell your pre-owned commercial vehicle, then you can do it yourself also. The easiest way to do that is stick a sign on your vehicle stating its availability for sale and then drive it to a crowded location or park it in a location which has maximum footfall or traffic.

Dispose through a dealer on consignment basis

You can also dispose a pre-owned commercial vehicle on a consignment basis. In this way, you generally sign an agreement with the company under which it will take care of the entire selling process and will charge service fees in terms of some percentage out of the sale price.

Sell through a dealership

Being an easiest way of disposing a pre-owned commercial vehicle, many people prefer selling their vehicles through dealers. Once you take your commercial vehicle to a dealer, it will first undergo an inspection on the basis of which its value will be finalized and then offered to prospect buyers.  

Shriram Automall India Limited (SAMIL) serves various bidding platforms to facilitate the trade of pre-owned vehicles and equipment. You can visit your nearest Automall facility in order to sell your pre-owned commercial vehicle at attractive price with utmost transparency and authenticity.

“Through our well-structured bidding platforms, including physical bidding, online bidding, private treaty and one stop classified, we aim at transforming the entire arena of pre-owned vehicles’ industry through our expertise and commitment to authenticity.” – Mr. Sameer Malhotra, CEO of Shriram Automall India Limited (SAMIL)

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The Commercial Vehicle Market in India – All You Need to Know

While we have seen a positive sentiment in the market for commercial vehicle sales in the FY 15-16, the new research conducted by CRISIL projects that the overall Commercial Vehicle market will grow in the coming year 2016-17.

(Image Source: theautochannel.com)

Year 2015 saw various fluctuations while the Light Commercial Vehicle segment saw a decline of (3)-(-5) in sales, the Medial & Heavy Commercial vehicle segment posted a sales increase of 22-24%, busses segment also saw a considerable rise in sales by posting 11-13% increase in sales, while in total the overall commercial vehicle market grew by 5-7%.

See Also: benefits of buy a second hand truck






As per the reports by CRISIL in 2016-17 all the verticals of the Commercial Vehicle segment will witness a healthy increase, that will eventually make the segment grow at an increasing speed. LCV sales to recover slightly in 2016-17 on higher consumption spend and improved financing availability. Despite lower growth trajectory, MHCV sales to sustain at healthy levels in 2016-17, growth forecast to moderate over a high base due to slowdown in replacement demand by LFOs despite modest improvement in macroeconomic signals (industrial growth, infrastructure projects, mining activity & agricultural output)

The report as per its forecast till 2019-20 believes that the industry will have a moderate growth where LCV segment will grow by 11-14%, MHCV segment will grow by 10-12%, Buses segment will grow by 8-10% & the overall growth will be 10-13%.

While the new commercial vehicle market will grow at a good pace, the used commercial vehicle market will also be witnessing the same boom, going by the current ration of 1:1 the number will increase at a good pace.

If you are looking ahead to buy used commercials vehicle in India, than visit Shriram Automall the company offers the widest line up if used commercial vehicles of all models under a single roof.

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Indian Automobile Giant – Maruti Suzuki to enter LCV Segment by Next Year

Maruti Suzuki, Indian passenger vehicle segment leader is planning to enter the Light Commercial Vehicle (LCV) market by the first half of next year. “We will go ahead with the launch of the LCV in the last quarter of this fiscal year. It will have a separate sales channel of its own,” said Mr. R.S. Kalsi, Executive Director Sales and Marketing, Maruti Suzuki India. The initial light duty models are expected to be entry level good carrier of not more than 2 tones category.

The diminishing market of LCV segment in the country has not demoralized the company as it is hopeful to witness good success. Within April to September 2015, the market has collapsed by 7.41% however the company believes with introduction of new government initiatives the market has a positive sentiment & is likely to show the momentum of growth soon.

The current undisputed market leader in the segment is TATA motors who with its various models of ace has locked majority of sales. Mahindra & Mahindra is running close to Tata with its vehicles such as the Maxximo and the Jeeto commanding a strong second position.

According to reports, the upcoming LCV model shares the platform of Suzuki Motor Corp’s Carry, an LCV available in many markets such as China, Indonesia and Pakistan. The model will be launched in both diesel and CNG variants in India. Rumors on the internet claim that the model would be named 'Super Carry'. The vehicle's engine is expected to be built here in India, but the company has not confirmed which of its plants will carry out the production.

With Maruti Suzuki entering this segment we can expect some tight competition & increase in sales. Meanwhile if you are looking to acquire a used commercial vehicles you may pay a visit to Shriram Automall, India’s largest service provider for exchange of pre0owned vehicles & equipment.

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5 Interesting Indian Automobile Facts

5 Interesting Indian Automobile Facts brought to you by Shriram Automall India Limited, a unique platform for buyers and sellers of used commercial vehicles in India. We are eager to hear from you, please get in touch with us for any update, feedback or complaint.

See related: winter car care tips

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Repair or Replace Your Car: Guidelines To Decide

We often come across situations, when we don’t know, whether we need to get our car repaired or to replace it. Some cars do last for a long time but it’s not the case with every car, so you should stop thinking to get more from your car. But how would you know if you need to give up on it or get it repaired and run it for some more time? We will provide you with some guidelines to make your decision an easier one.

Evaluation of your vehicle

Inspect your vehicle and evaluate its condition so that you can take further steps. You can do this step after making a checklist by yourself or can get a mechanic to perform this step. Evaluating the condition of your vehicle will give you the exact report and you will be able to know the potential of vehicle and its problem.

Determine Future Maintenance Cost

Assemble maintenance schedules as according to the mileage of your car and mileage required in future. Take your car to the mechanic of your trust and pay them to inspect the car as according to the maintenance schedules. The cost of these inspections should be fairly inexpensive, and the information they will provide will be more than worth the expense. Add up all recommended repair costs plus all previous repairs during the year. Divide this number by 12 to determine your average repair cost for the given year. This number will not however include any breakdown or unexpected repairs.

How much is your car worth

After getting every piece of information from both the steps above, you now need to determine the value of your vehicle. Also determine the value of competitive cars that are available around you, this will help you to know the real worth of your car. It is important to know the worth of your car, to make you able to get the best price if you are planning to dispose off your car.

Cost of your next Car

Now that you have determined your yearly repair costs, the value of your current vehicle, and a possible sales price you must calculate the monthly payment of the new car. Paying a larger down payment on the new car will lower the monthly payment. Keep in mind you are replacing a vehicle that you know will be incurring future repair costs, so don't take on more money debt than you can handle. Hopefully you have a month or two before these expected repair bills will be required, so you will have some time to price shop the new car, and have time to sell your current vehicle.

If you can’t purchase a new car due to shortage of funds, don’t worry, just connect with Shriram Automall India Limited (SAMIL). SAMIL provides a wide range of used non commercial and used commercial vehicles in India.  You can own the car of your choice easily by accessing SAMIL’s online as well as physical bidding platforms and get the best deals. Finance services from SAMIL makes acquiring used vehicle very convenient and safe.

See related article: Tips to buying second hand cars

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10 questions to ask yourself before buying a used vehicle in India

Used Trucks - Shriram Automall

While you explore different avenues of buying a used vehicle in India, what comes in front of you is a wide range of options. Be it bidding/auctions, online websites, brokers, dealers or private sellers, all of them have their own positive aspects. But your selection of the method must be based on your needs, including price, services, preference, speed and many more. So, before you go out to purchase a used vehicle in India, ask yourself these following questions and make that perfect choice for yourself.

• What is the price of that used vehicle? Is it worth negotiation?
• Will the return on investment be lucrative?
• Is the used vehicle inspection possible before purchase? And, is it worth a purchase after inspection?
• When will the pre-owned vehicle be delivered?
• Is there any hidden cost linked to the used vehicle’s purchase?
• Is the finance on that second hand vehicle possible?
• Are the service records real and maintained properly?
• How are the after-sales services of the purchasing method opted for?
• Are there any additional services available?

Shriram Automall India Limited is one of the most organised companies in India to facilitate the acquisition and disposal of used vehicles and equipment. It conducts regular bidding events in its Automalls and through its online web portal to serve a wide variety of pre-owned commercial vehicles, construction equipment, used passenger vehicles and many more.

“At SAMIL, we have always believed in creating incredible journeys on used vehicles for our customers.”- Mr. Sameer Malhotra (CEO of SAMIL)

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