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Thursday 5 February 2015

New India Assurance offers 3-year bike coverage

The law states that it is mandatory for every vehicle in the country to posses a valid insurance coverage. Till now vehicle owners were required to renew the policy on an annual basis, and most often motorist would forget to renew them. In order to make things better and provide long term coverage, country's leading insurer New India Assurance has been working on providing a three-year insurance coverage for two wheeler owners. The company is yet to receive a final approval from insurance regulator for such product.

The new policy in-work is expected to reduce the number of uninsured vehicles on Indian roads. Speaking more on the occasion at the company's third quarter results announcement, G Srinivasan, Chairman, New India Assurance, said, “We will be launching this policy in a few days and the pricing will be announced at the time of the launch.” the company reported a net profit of about Rs. 996 crore which was indeed up by about 42% in comparison to the previous year.

Source: cartrade.com

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