Bajaj Allianz General Insurance has unveiled two new motor insurance add-on covers: Eco Assure - Repair Protection and Named Driver Cover.
These additions aim to cater to evolving customer needs while addressing sustainability and personalised coverage preferences in India’s motor insurance sector.
The launch of the new offerings comes as motor insurance, one of the fastest-growing segments in India’s general insurance industry, is expected to account for 31.1% of gross written premiums (GWP) by 2024.
The Eco Assure - Repair Protection add-on is designed to encourage environmentally conscious vehicle repairs. It allows policyholders to opt for sustainably restored vehicle parts in cases of partial damage, reducing the environmental impact associated with manufacturing new components.
The add-on also includes one year of repair protection, vehicle pick-up and drop-off services, and repairs conducted at partner workshops with zero depreciation costs.
This add-on offers several other benefits:
Available for private vehicles up to 12 years old, this cover also provides policyholders with a Green Certificate of Acknowledgment as a token of their contribution to sustainable practices.
The Named Driver Cover introduces flexibility by allowing policyholders to specify drivers for coverage under the own-damage section of their motor insurance policy. This is particularly beneficial for individuals sharing vehicles with family members, friends, or hired chauffeurs.
Additionally, the add-on extends coverage to the owner-driver when operating another vehicle without its own-damage policy, provided it has valid third-party insurance.
During the policy period, named drivers can be added or removed as needed.
Research from Policybazaar highlighted trends in motor insurance claims, showing that accidents, weather events, and thefts are key drivers. Policyholders increasingly opt for add-ons such as zero-depreciation and engine protection, reflecting a preference for comprehensive coverage even for older vehicles.
Tapan Singhel, MD and CEO of Bajaj Allianz General Insurance, commented on the new offerings, stating that they are designed to align with evolving consumer needs.
“These offerings mark a new chapter in personalised, sustainable, and innovative motor insurance solutions, reflecting our relentless drive to make insurance more meaningful and relevant for our customers,” he said.
