New India to offer 3-year bike cover

MUMBAI: For the first time, two-wheeler owners will have the option of buying a three-year insurance cover for the vehicle with the country’s largest insurer New India Assurance receiving approval for such a product from the insurance regulator. A long-term policy for two-wheelers is expected to reduce the number of uninsured vehicles on the roads.
“We will be launching this policy in a few days and the pricing will be announced at the time of the launch,” said G Srinivasan, chairman, New India Assurance, speaking during the announcement of the company’s third quarter results.
The non-life insurer reported a net profit of Rs 996 crore for the third quarter up 42% from the previous year.