Policybazaar Reports 33% Surge in Monsoon Motor Insurance Claims
PB FinTech, Policybazaar's parent company, reported a 33% increase in motor insurance claims during the monsoon season. The average claim amount rose from ₹30,000 to ₹40,000. Only 20% of vehicle owners have engine protection add-ons, while roadside assistance adoption reached 75%. Non-metro areas accounted for 74-75% of monsoon claims. Hatchbacks made up 54% of claims with an average repair cost of ₹35,000, sedans 26% at ₹45,000, and SUVs 20% at ₹60,000. Motor insurance claims showed a total growth of 12.90% over two years. Policybazaar recommends vehicle owners adopt essential add-ons like engine protection, roadside assistance, and zero depreciation cover for comprehensive protection.

*this image is generated using AI for illustrative purposes only.
PB FinTech , the parent company of Policybazaar, a leading insurance aggregator, has reported a significant increase in motor insurance claims during the monsoon season, highlighting the importance of comprehensive coverage for vehicle owners.
Key Findings
- Motor insurance claims increased by 33% during the monsoon season
- Average claim amounts rose from ₹30,000.00 to ₹40,000.00
- Only 20% of vehicle owners have engine protection add-ons
- Roadside assistance adoption reached 75% among customers
- Non-metro areas accounted for 74-75% of monsoon claims
Claim Patterns and Vehicle Types
The report reveals interesting patterns in motor insurance claims across different vehicle types:
Vehicle Type | Percentage of Claims | Average Repair Cost |
---|---|---|
Hatchbacks | 54.00 | 35,000.00 |
Sedans | 26.00 | 45,000.00 |
SUVs | 20.00 | 60,000.00 |
Year-on-Year Growth
Motor insurance claims have shown consistent growth:
- 3.20% increase
- 9.40% increase
- Total growth of 12.90% over two years
Monsoon-Related Risks
The surge in claims during the monsoon season is primarily attributed to engine failure and electrical damage caused by waterlogging. Despite the high risk, 80% of vehicle owners remain exposed to these expensive monsoon-related damages due to a lack of engine protection add-ons.
Urban vs. Non-Metro Claims
Interestingly, while metro cities reported the highest number of incidents, non-metro areas accounted for the majority of monsoon claims. Non-metro regions contributed to 74-75% of monsoon-related claims.
Recommendations from Policybazaar
In light of these findings, Policybazaar emphasizes the need for vehicle owners to adopt essential add-ons to their motor insurance policies. These include:
- Engine protection
- Roadside assistance
- Zero depreciation cover
By incorporating these add-ons, vehicle owners can better protect themselves against the financial risks associated with monsoon-related damages and ensure more comprehensive coverage for their vehicles.
The significant increase in claims and average claim amounts underscores the importance of adequate insurance coverage, especially during challenging weather conditions. As climate patterns continue to evolve, it becomes crucial for vehicle owners to reassess their insurance needs and consider additional protections to safeguard their investments.
Historical Stock Returns for PB FinTech
1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
---|---|---|---|---|---|
-0.25% | -0.65% | -4.57% | +6.47% | +19.88% | +47.17% |