Mumbai, India, August 24, 2012 --(PR.com
)-- Car and home remain the most aspirational acquisitions for the rising middle class in India. Primarily because of its mandatory nature, motor insurance constitutes approximately 45% of the non-life insurance business and remains one of the fastest growing business lines in the country. However, seemingly not much has changed when it comes to the product offering in motor insurance. The industry has been selling the traditional “Liability only” and “Package policies” covering the motor vehicles in India. Despite deregulation of business in 2007 not much has changed in the realm of motor insurance.
Having said that, it would be fair to mention that one is now beginning to see some changes in the product offering post de-tariffing in 2007. These additional covers are offered as “add ons” to the standard policy since the basic structure of the motor insurance policy can’t be changed. These “add ons” offer cover in addition to the basic policy and can help recover maximum cost arising out of an insured accident.
HDFC ERGO General Insurance, the 4th largest private sector general insurance company in India has included some add-ons in its Motor Insurance portfolio. Among them the one which can really prove to be beneficial for the customer during monsoon is “Engine and Gear Box Protector”.
This add-on is offered for the consequential damage to the internal child parts of the engine and/or gear box of the Insured Vehicle, arising out of:
- Water ingression or
- leakage of lubricating oil And/Or damage to engine and/or gear box of the Insured Vehicle arising out of leakage of lubricating oil due to Accidental means.
Through this cover, the customer can be benefited with the below:
1.Repair or replacement of the internal child parts of the engine
2.Repair or replacement of the internal parts of the gear box
3.Labour cost incurred by the Insured to overhaul the damaged engine and/or gear box
4.Engine cylinder re-boring, compression tests & other machining charges
Mr. Mukesh Kumar, Member of Executive Management, Head - Strategic Planning, HR & Marketing said, “With growing needs and dynamic external factors, the regular motor insurance is no longer sufficient. Keeping this in mind; HDFC ERGO has designed the motor insurance add-ons which offer greater benefits to our customers at minimum additional cost. Going forward, we will continue to innovate our offerings for benefit of our consumers.”
The other motor insurance add-on covers are
1. Zero Depreciation Cover : This cover pays for the depreciation of part for partial loss claims, which means that you will have minimum out-of-pocket expenses in the event of an accident
2. Loss of Use Cover : Pays a daily benefit for each day that the vehicle is in a garage following an accident, claim being admissible under the Own Damage part of the policy
3. No Fault Claim Protection : Protects the No Claim Bonus accrued, in case of losses on account of specified perils, such as damages due to flood, damage only to windshield etc
4. Emergency Assistance Cover : This cover lets you enjoy a pleasurable & uninterrupted drive. The program assists customers to avail immediate and hassle free On Site Repairs or Towing service in the event of a motor breakdown or accident.
5. Higher Protection and Removal Costs : This cover pays higher cost of protection over and above the amounts as defined by India Motor Tariff.
Generally, the add-ons offer additional benefits and coverage options that may be available to you on paying additional premium. It is always advisable to read through the details to decide whether it suits your requirement or not. At the end the insurance policy should ensure that you to get back in the driver's seat quickly, no matter what happens to your vehicle.
About HDFC ERGO General Insurance Company Limited
HDFC ERGO General Insurance Company Limited is a 74:26 joint venture between HDFC Limited, India’s premier Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group. HDFC ERGO offers complete range of general insurance products ranging from Personal Accident, Health, Travel, Home and Motor Insurance in the retail space and customized products like Property, Marine and Liability Insurance in the corporate space.
HDFC ERGO is the 4th largest private sector general insurance company in India as rated by IRDA. HDFC ERGO has been expanding its presence across the country and is today present across 71 cities with 80 branch offices with an employee base of more than 1100 professionals. The company has a wide distribution network comprising of brokers, retail and corporate agents, bank assurance besides its own direct sales force.
HDFC ERGO has been assigned the rating of ‘iAAA’ by ICRA indicating its highest claim paying ability. The company also has ISO certification for its claim services.
The company has been awarded with ICAI Awards for Excellence in Financial Reporting by Institute of Chartered Accountants of India (ICAI) under the Category IV – Insurance Sector. It is declared as a winner under "Best Investor Education & Category Enhancement – Insurance" category by UTV Bloomberg - Financial Leadership Awards 2012. It has also won "Personal Lines Growth Leadership Award 2012" at The Indian Insurance Awards 2012.