Bharti Axa General Insurance on Tuesday announced the launch of an add-on insurance product for car owners aimed at providing them full purchase price of the vehicle for the first two years in the case of theft or loss.
“Currently, other insurance companies give cover to the customers on depreciating value, which varies from 20 per cent to 30 per cent in two years. But customers of this product will avail themselves of the purchase price of their vehicle,” Bharti Axa General Insurance CEO and Managing Director, Amarnath Ananthanarayan told reporters here.
The add-on product, Invoice Price Cover, will be available with the company's motor insurance product, Smart Drive Private Car Policy. After two years, the cover would be based on normal depreciating value, Mr. Ananthanarayan added.
Answering queries on capital infusion, Mr. Ananthanarayan said the company had infused Rs.75 crore in July and it planned to infuse an additional Rs.250 crore during the next two years.
