Two-wheelers are the most preferred mode of transportation in India, but that might change soon. According to Suzuki Motorcycle India’s President Koichiro Hirao, the Indian two-wheeler market will remain under pressure for at least the next two years, which will cause a dip in the sales. This is a result of the recent price hikes due to the new emission and safety standards implemented by the government. The costs of two-wheelers have already increased by about 15% due to this, and there is no sign of any immediate fall in price. According to Hirao, the implementation of Bharat Stage VI in 2020 will demand an even more improved emission standard. This might hike the two-wheeler price by about 20%.
The sales of two-wheelers during this financial year have already witnessed a significant fall of 13%. The unit sales of two-wheelers have gone down to 6.5 million, which is a bad sign. There is no sign of any improvement for the next financial year either, which means that the market is expected to stay under pressure for some time. The Bharat Stage VI is coming in the next five months, and the increasing price will keep the sales down in the coming year too.
Hirao also added that the new emission standards would only help marginally. According to him, these standards will improve the liquidity and the two-wheeler lending price may come down. However, as per him the retail finance dependency in the two-wheeler business is lesser than other automobile products. The higher safety standards too, have a significant impact on the price of the two-wheeler. Hence, this will not help the sales anyway, and the two-wheeler market will remain under strain for now.
What the customers can do
If you have been planning to buy a bike for a while, do not delay the purchase any longer. The increased price might require you to pay over your previous budget, but waiting any longer will only make the situation worse. So, if you wish to own your dream bike, this is the time to bring it home. Also, make sure to purchase a two wheeler insurance to protect your bike. You are already paying a higher price for the bike, so you surely do not want to spend more on repairing and maintenance.
When buying the bike insurance cover, do not just settle for a third-party insurance policy. The rising cost of the vehicle and the recently increased penalty charges for breaking traffic rules require you to be extra cautious while riding the bike. Hence, you need a comprehensive insurance policy. It will cover third-party liability, accidental damages, and theft of your bike.
So, if you are looking to purchase bike insurance, then get in touch with us at Finserv MARKETS. Two wheeler insurance plans available on Finserv MARKETS can be availed at affordable premiums. You can avail cash-free servicing, bespoke insurance plans, hassle-free renewals, and so much more.
Moreover, you can consider buying add-on covers for your bike to safeguard yourself from any possibility of unwanted expenses. For example, if you have a zero depreciation bike insurance add-on, your insurer will not subtract the depreciation value when you make an insurance claim.
So, why wait? Get bike insurance with us today!
Choose your two-wheeler insurance policy carefully to make sure that you have complete protection.
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