New India’ Gives 30% Assured Discount on Its Two-Wheeler Insurance

New India Assurance has launched India’s first three-year comprehensive two-wheeler insurance cover, which is 30% cheaper than annual insurance plans. The product will give customers an option to choose between two- or three-year policy terms. Mr. G Srinivasan, Chairman and Managing Director of New India Assurance, said that this insurance product will have a zero-depreciation cover on payment of additional premium. In future, this policy tenure could be increased to five years. Further, the company is planning to launch long term policies for private cars also.

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Customers will be entitled to get an assured discount of 30% for 3-year policy and 20% for 2-year policy in each case on the basis of various underwriting factors like anti-theft device, location, purpose of use, etc. In addition, if there is a bonus entitlement due to no-claim in the preceding year, discounts can even reach up to 50%. By opting for a long term insurance period, insured is protected against the possible rise in premium rates during the policy tenure. There is an option to switch over to either 1 or 2 years plan after the expiry of the long-term policy.

Source: This news was published on April 16, 2015 in business-standard.com under the title: New India launches long-term comprehensive two-wheeler policy

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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis