Since most people have not been able to use their car or two-wheeler amid the nationwide lockdown, insurance startup Acko General Insurance has come forward to provide relief to its customer by announcing a one-month insurance extension to car and bike owners.
In a release, Acko said that as people are not using their vehicles at during the lockdown, their insurance for the month remains unutilized, hence the company has decided to not charge insurance for one month.
Customers who renew or are first time buyers of Acko's auto insurance policy, will need to pay only for 12 months and will get a one-month extension, at no extra cost, the company said.
"Since most vehicles are parked and not in use during this period, we want to support our customers and do the right thing in a transparent manner by extending their insurance policy by a month for no additional cost. Given these challenging times, we all need to support each other and ease the burden in whatever small way possible." said Animesh Das, Head of Product Strategy, Acko General Insurance.
Existing customers of Acko can avail the one-month lockdown extension during the current financial year, from 2 April 2020 to 31 March 2021. They will be receiving a 13-month policy for the premium amount of 12-months on renewing.
New customers can avail the one-month lockdown extension on their auto insurance till the end of the current lockdown period, that is, 14 April.
Note that the Finance Ministry has allowed a grace period for premium payments for third party policies till 21 April. Acko's one-month extension on the tenure of the third party and own damage policies at no extra cost is in addition to that.