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Tata motors in association with IFFCO Tokio General Insurance Company announced the launch of unique insurance plan called Triple Benefit Insurance for commercial vehicles. This benefit is available under the Standard Motor Insurance policy with 3 add-on covers as under:
- Depreciation wavier / zero depreciation coverage
- New Vehicle replacement coverage
- Loss of income / vehicle hire cost
- Depreciation wavier / zero deprecation coverage:- Under this feature the insurance company will not deduct any deprecation amount from the claim as against the standard process of deduction under Standard Policy Deduction and deprecation on changed parts, which ranges from 5 -50%.
- New Vehicle Replacement Coverage:- As against the payment of Insurance Declared Value, in the event of loss of vehicle, which is less than the replacement cost, under this scheme replacement cost of the vehicle is paid. The customer will be paid ex-showroom price of the replacement vehicle of a similar make / model. In addition to this, company will also pay current cost of insurance and registration subject to adjustments of refunds.
- Loss of income / vehicle hire cost:- Under this scheme reimbursement of income will be paid to the customers. As per company’s belief a commercial vehicle is a source of livelihood for the operator and any awkward incident is a loss of revenue to the person. This scheme compensates for the loss of income.