“The company is actively considering to come up with a zero depreciation policy for two-wheelers, which is already being offered for cars,” a New India Assurance official said
Mumbai: The country's largest general insurer New India Assurance is actively considering launching a “zero depreciation policy” in the two-wheeler insurance segment after launching the same in the four-wheelers space, a top company official said, reports PTI.
Currently, the product is under the actuarial study to consider its viability, after which it will be filed for regulatory approval, the official said.
In a zero depreciation policy, the customer gets replacement of its old parts with a new one in case of a need, for a nominally higher premium. This is not the case in the normal car insurance.
Some other insurance players are providing zero depreciation policy for cars and the public insurer is actively considering launching such a product in the two-wheeler segment.
On the dismantling of the “declined motor pool”, which is currently in force in the commercial vehicle segment, the official said the system should be continued for some more time before making any judgement over its sustainability.
The New India Assurance, country’s largest general insurer has crossed Rs10,000 crore mark in premium collection in the last financial year and aims to touch a global premium of Rs12,000 crore this fiscal.
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