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Wednesday, September 08, 2010

Bharti Axa General Insurance launches new motor add on - invoice price cover

Enables customers to recover purchase price as per the invoice in case of Total loss or Theft of vehicle 

Bharti AXA General Insurance introduced the latest addition to its range of add-on covers in its Motor Insurance portfolio. The Invoice price cover is a unique product feature that covers the 'shortfall amount' between the insured value (invoice value less depreciation) of the vehicle and the showroom price OR the current replacement value of the vehicle. This additional cover will now be available with the company's motor insurance product, the SmartDrive Private Car Policy. 

The insured value of a vehicle is the invoice value less the depreciation which is based on the age of the vehicle. Customers of this unique add on product from Bharti AXA will be able to recover the purchase price as per the invoice of their vehicle and not just the depreciated value in the event of a Total loss/ Constructive Total Loss (CTL) or Total Theft of the vehicle.
For the first time in India, the 'shortfall amount' provided by Bharti AXA General Insurance will also cover the Road tax and first time registration charges incurred on the insured vehicle. 

Speaking on the occasion, Dr. Amarnath Ananthanarayanan, CEO & MD, Bharti AXA General Insurance Co. said "Our Invoice Price Cover is a unique product that is designed to offer complete protection against theft or total loss of an insured's vehicle. Customers of this product will avail the purchase price of their vehicle in case of total loss or theft, instead of the depreciated value that a vanilla product would offer. Motor Insurance is a very crucial segment of our business and forms close to 50% of our revenues. Through innovative add on covers we aim to provide address specific customer needs and provide greater value and enhanced protection to our policy holders."

The product is available across all segments of cars and can be availed at an additional premium with the company's SmartDrive Motor Insurance policy. Bharti AXA's Invoice Price cover is a stand alone add on and hence offers more flexibility than other products in the market that are available only as packaged products. 

Dr. Amarnath Ananthanarayanan added, "We have ensured that our range of add on products are easily affordable and therefore accessible to all our customers. We believe that these covers will enhance our motor offering and make our product more attractive for consumers. We are also offering the flexibility to pick and choose covers depending on customer needs."
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