Tata Motors launches Triple Benefit Insurance for truck range

Tata Motors has launched "Triple Benefit Insurance" across its range of trucks, a first of its kind initiative in India. Designed to minimize financial impact of an accident, the "Triple Benefit Insurance" scheme offers full protection from loss in time and income. In partnership with Iffco-Tokio General Insurance Company, this insurance coverage has three add-on covers, 

Zero Depreciation Coverage: 

In the event of partial loss, insurance companies generally do not pay 100% of the claim. Instead, the claim amount is reduced as per Standard Policy Deductibles and on account of Depreciation on Replaced Parts, which ranges between 5% and 50%. 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, customers have to bear the difference in amount. However, under the New Vehicle Replacement Coverage, at the time of purchase of a new 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).

Additionally, Tata Motors has doubled warranty on its entire range of heavy trucks (25 tonnes and higher GVW) to four years.