For the first time in India, New India has launched a three-year comprehensive insurance cover for motorcycles and scooters. This new cover has been launched to tackle the problem of two-wheelers going uninsured after the first year.
As per the insurer, two-thirds of the 10 crore two-wheelers owners in the country do not renew their vehicles insurance after the first year. In order to make this new insurance cover more accessible, the company is giving 30 per cent discount for this policy.
"The insured will get a 30 per cent discount on the three-year cover. In addition, if there is a bonus entitlement due to no claim in the preceding year, the discount can go up to 5 per cent," said G Srinivasan, chairman, New India Assurance. We are looking at introducing a similar long-term policy for private cars as well," said Srinivasan.
As per the company, two-wheelers generate only 10 per cent of the overall motor insurance premium even after accounting for over 70 per cent of the total vehicles sales in India. The company is also ensuring that the policy holders will get full benefit of no claim bonus after the expiry of the long-term policy.
