Future Generali India has floated three different plans – Silver, Gold and Platinum to enhance protection covers for motor vehicles. These plans offer enhanced protection covers, seek to fill the gap in insurance protection in the existing standard motor insurance covers.
Presently, under the standard motor insurance policy, in the event of a loss the insurance company deducts certain amount towards depreciation of the parts damaged. The percentage of depreciation varies depending on whether the part is rubber, plastic or metallic and also based on the age of the vehicle. The depreciation percentage can be from 5% to 50% for various parts.
Under the Silver plan, the depreciation is protected; the Gold plan offers enhanced personal accident, protection for personal belongings and expenses for getting duplicate keys/change of lock in case of loss of keys, in addition to depreciation protection. The Platinum plan offers a broader spectrum covering everything under the Gold plan, plus daily allowance up to Rs.3000 per day if the vehicle meets with an accident and is under repair, personal liability of the owner, etc.
Under these plans, vehicle owners will be able to get protection against most of the costs that will have to be incurred for repairing the vehicle following an unfortunate accident. This would be an addition to the motor policies taken from Future Generali India Insurance Company, where premium will vary depending upon the plan, type and age of car.