Future Generali India Insurance Company Ltd has launched enhanced protection covers for motor vehicles. To begin with, these covers are being offered to high-end vehicles. However in due course these covers will be made available for vehicles across all segments.
Enhanced protection covers or add–on covers as they are popularly referred to, seek to fill the gap in insurance protection in the existing standard motor insurance covers. At present under the standard motor insurance policy, in the event of a loss the insurance company deducts certain amount towards depreciation of the parts damaged. The percentage of depreciation varies depending on whether the part is rubber, plastic or metallic and also based on the age of the vehicle. The depreciation percentage can be from 5 percent to 50 percent for various parts.
Under this umbrella, Future Generali has launched three different plans – Silver, Gold and Platinum. Under the Silver plan, the depreciation is protected, the Gold plan offers enhanced personal accident, protection for personal belongings and expenses for getting duplicate keys/change of lock in case of loss of keys, in addition to depreciation protection. The Platinum plan offers a broader spectrum covering everything under the Gold plan, plus daily allowance up to Rs.3000/- per day if the vehicle meets with an accident and is under repair, personal liability of the owner, etc
Deepak Sood, CEO, Future Generali India Insurance Company said, “India’s motor insurance market is among the least penetrated, with 50 percent of the vehicles in the country being uninsured. At Future Generali, Motor Insurance is one of the top focus areas for us and we will continue to bring new, innovative offerings to customers, in line with our ‘Total Insurance Solutions’ business model.”
“By opting for the highest coverage under enhanced protection, vehicle owners will be able to get protection against most of the costs that will have to be incurred for repairing the vehicle following an unfortunate accident,” Mr. Sood further added.
The enhanced protection covers are available as an addition to the motor policies taken from Future Generali India Insurance Company. The additional premium varies depending upon the plan, type and age of car.