Mumbai, August 19, 2013: Tata Motors has launched a new premium 'Triple Benefit Insurance' across its range of M&HCV, ICV and LCV trucks and Tippers. Designed specifically to minimise the financial impact to Tata Motors’ CV customers, the new scheme maximises peace of mind to the extent of full protection from loss of time and income, caused due to accidents.
In partnership with Iffco-Tokio General Insurance Company, the New Premium 'Triple Benefit Insurance' is available under the ‘Standard Motor Insurance’ policy with 3 specifically designed add-on covers - Depreciation waiver / Zero Depreciation Coverage, New Vehicle Replacement Coverage and Loss of Income/ Vehicle Hire Cost.
Depreciation waiver / Zero Depreciation Coverage: In the event of partial loss, insurance companies generally do not pay 100 percent of the claim. Instead the claim amount is reduced as per standard policy deductible and depreciation on replaced parts, which ranges from 5-50 percent. However, under the Depreciation Waiver / Zero Depreciation coverage, the insurance company will not deduct any depreciation amount from the claim.
New Vehicle Replacement Coverage: In the event of total loss of a vehicle, insurance companies generally pay the Insured Declared Value (IDV) of the policy, which is always lesser than the replacement value of a new vehicle, as a result of which customers have to bear the difference in amount. However, under the New Vehicle Replacement Coverage, at the time of purchase of a new replacement vehicle, of a similar make and model, the customer would be paid the current ex-showroom price of the replacement vehicle. In addition, the customer would also be paid the current cost of insurance and registration, subject to adjustment of refunds.
Loss of Income/ Vehicle Hire Cost: A commercial vehicle is a source of livelihood for the operator and any accident / total loss of a vehicle, has an adverse impact on the income of the vehicle operator. Under the Loss of Income / Vehicle hire cost cover, reimbursement would be provided to the customer (subject to policy conditions in all cases).
Commenting on the first-of-its-kind scheme for the CV industry in India, Ravi Pisharody, Executive Director, Commercial Vehicles, Tata Motors, said, "We at Tata Motors are proud to introduce the new premium 'Triple Benefit Insurance', yet another industry first from Tata Motors. We remain committed to listening to our customers, understanding their needs and fulfilling these with new products and services that provide greater value. While we do so, our new offerings are being backed by technology -- enabled dealerships, providing all-encompassing sales, service and spares."
Yogesh Lohiya, managing director & CEO, IFFCO Tokio said, "We at IFFCO-Tokio General Insurance are committed to developing and providing reliable insurance products and services that work for our customers 'real time'. Having constantly strived to enhance our customer satisfaction through fairness, transparency, and quick response, we are delighted to have found partners in industry leaders like Tata Motors, having designed with them a first-of-its-kind comprehensive insurance package which is revolutionary and complete value for money."