Azul Seguros expands vehicle coverage through Southeast

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Thursday, October 12, 2017

Azul Seguros, the low income arm of insurance company Porto Seguro, will expand its offer for low cost vehicle insurance across southeast states.

After the success of a pilot project in São Paulo, the company will expand the offer of its product to three other states in the region, Rio de Janeiro, Minas Gerais and Espirito Santo.

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"This is a product that we study every day to gradually reach more and more of the population that does not have protection for the automobile due to tight budgets. Therefore, we have designed an option that allows reductions of the insurance price by up to 30%,"said Felipe Milagres, director of Azul Seguros, quoted by local insurance publication JRS.

Auto Popular, as the product is known, was launched at the end of last year just for clients in São Paulo metropolitan area. The low cost product was created after approval by the insurance regulator Susep to use salvaged parts in vehicle repairs from accredited salvage companies.

Currently, 70% of vehicles in Brazil are not covered by insurance, according to the national confederation of insurance companies, CNseg.

Azul Seguro's Auto Popular is intended for automobiles with an insured value of up to 60,000 reais (US$18,987), with a manufacturing date from five years ago or more.