National Car Insurance

National Car Insurance Policy Overview

National Car Insurance policy by National Insurance Company limited India is offering their services even before independence. It is the oldest general Insurance Company in India. It is one of the four subsidiaries’ of government owned General Insurance Corporation of India. It is the only public sector general insurance company based at Kolkata. It is the first company to introduced Product Customisation both for rural and Corporate. It was also India’s first insurance company to enter into strategic alliance with the leading Automobile manufactures of country M/s Maruti and M/s Hero Moto Corp a Two Wheeler foremost. National Insurance is awarded with A.M Best financial strength rating- B++ and issuer credit rating-bbb+.

Company is operating from more than 1000 of offices across the country. Car Insurance policy was introduced by National Insurance Company Ltd. Principle of car insurance is same as that of property insurance. The owner of the vehicles needs to be the registered owner of the vehicle whereby the owner stands to benefit by the safety of the vehicle or freedom from any liability and stands to lose by any damage, loss or formation of liability.

National Car Insurance at a Glance

Advantages of availing National Car Insurance Policy:

National Insurance Company will provide 100% protection to your Car. They provide wide range of features in their auto insurance policy. This policy covers the loss caused due to damage to your vehicles. Apart from providing all the regular basic features company also gives you the flexibility of applying online for the policy which in turns saves your precious time.

• This Policy covers the  Vehicles used for social, domestic and for professional purpose of the insured person or used by employee of insured for such purpose excluding carriage of goods other than registered owner, use for hire and reward, pace making, racing, speed testing, reliability trail, or for any other purpose which is connected with motor trade
• National Insurance Company will provide the cover against the loss due to any damage to your vehicle
• Company also covers the loss due to damage to the accessories of vehicles
• Policy also provides the third party liability coverage (property damage) up to 7 lakh 50 thousands
• This policy also provides you the personal accident insurance
• This policy has the proviso of providing No Claim bonus if there is no claim is issued in the policy period
• If opting for higher voluntary excess, discount in the premium will be provided
• If Anti-theft device is been installed in the vehicles provision of discount is there in the policy
• Provision of discount for specially designed vehicle for blind, mentally challenged and handicapped person
• You can purchase this car insurance policy online by doing the payment through your debit card or credit card or online banking
• Also you can renew your policy online at your convenience

 Features and Benefits of National Car Insurance Policy

National Insurance company ltd provides you two type of coverage:

1) Liability Only Cover

2) Package Cover

Liability only cover: -

This segment covers any legal liability arises out of any accident involving your vehicle.

It does not cover any damage to your vehicle. Following risks are covered under the policy:

• Injury or Death of Third party
• It covers the loss due to property damage of the third party up to the limit of 7.5 lakh

Package Cover: -

It covers all the liabilities as per Motor Vehicles Act, apart from that it also covers damage caused to your vehicle. Package cover or comprehensive Motor Insurance Policy is better as it provides complete cover i.e. it covers third party coverage as well as damage or loss to one’s own vehicle, self or co- passenger. 

Following incidents are covered under the package cover National motor insurance policy:

• Third-party Cover - It covers the loss due to property damage of the third party up to the limit of 7.5 lakh.
• Accidents by External Mean - It covers the damage caused to your vehicle by external mean such as Fire, Explosions, Lightning and self Ignition.
• Accidents by Natural Mean - It covers the damage caused due to Flood, Earthquake, Storm, Rockslide, Land slide, Cyclone, Tempest, hailstorm, etc.
• Accidents by Man Made Mean - It covers the loss due to Theft, Riot, Burglary, Strike, House breaking, malicious act, Terrorist activity, any damage happened in transit by road, rail, air, Inland waterway, lift or elevator.
• Personal accident Insurance cover - As a part of Motor insurance on the whole, National Insurance Company provides Personal accidental cover in accordance with Motor Vehicle Act. As per this company provides cover in the event of accident while driving. It also provides cover to the co passenger equals to maximum permissible occupancy.

What is not covered in National Car Insurance Policy?

Following incidents are not-covered under the National Insurance Company's motor insurance policy:

• Any Consequential loss is not covered under this policy.
• Any loss due to wear and tear, electrical or mechanical breakdown, breakages or failure is not covered under the policy.
• Any loss due to damage to tyres, unless the vehicle is dented at the same time when the legal responsibility of the insurer is limited to 50% of the cost of replacement.
• Any loss occurred due to failure to parts of the car is not covered under the policy.
• Any loss occurred to your vehicle, if you use your vehicle for hire and reward, pace making, racing, speed testing, reliability trail, or for any other purpose which is connected with motor trade in not covered under this policy.
• If any loss occurred to your vehicle while driving the car under the influence of alcohol or any other drug, it is not covered.
• If accident or loss occurred to your vehicle other than the geographical area which is mentioned in the policy then it is not covered.

Additional Coverage in National Car Insurance Policy

• As a No Claim Bonus (NCB) owner of the vehicle will get discount on premium while renew the policy. This Rebate is mandatory given by insurer to the insured person. Currently minimum of 20 % and maximum up to 50% rebate of the renewal premium is provided by the company.
• Third Party Liability up to the limit of 7.5 lakh is covered under the policy which covers the legal liability arises out of any property damage occurred or death of third party.
• On using Anti theft devices approved by automobile research association of india (ARAI) you will be able to get lucrative discount of premium.
• This policy also provides Personal Accident insurance and covers the loss arise out of damage during accident.

Rate of Depreciation in National Insurance

For plastic/glass /fiberglass parts of the vehicle

For the wooden parts and Age of Vehicle

For Painting- 50 % rate of depreciation will be applicable to the material cost of total painting Charges. 25 % rate of depreciation will be applicable in case of consolidate bill.

Applying for National Car Insurance Plans from National Insurance Company Limited

Either you can visit their nearest branch to apply for the loan or also your can call their toll free numbers and their executive will contact you back for further assistance and provide you the full information regarding the procedures to apply for the loan.

One can also go to the website of the company and can apply online for the car Insurance. Following details need to be given to apply for the plan:

You’re Details:

Select State -----Select District -------Select Pin code -------- Select Office

Vehicles Details:

Vehicle Registration state ----- Vehicle Type ---- Vehicle Class ---- Manufacturer ----- Variant ----- Body Type ----- Cubic Capacity ----- Registration Location

Claim Procedure:

You need to follow certain points to initiate the claim process by National Insurance Company ltd. whenever you met with an accident try to jot down the number of the vehicle involved in the accident if any. Also jot down the name, contact number/address of the witness of accident if any. Contact at the nearest branch o National Insurance company or inform at their call centre number- 08662 578586. Fill the details in the claim form provided by the branch. It is also available online. You can download it from website of the company. Submit the complete Claim form duly signed by you at the nearest regional office of the National Insurance Company Limited.

A surveyor from the company’s office will come to survey the damage caused to your vehicle. You need to submit all the required documents to the surveyor as and when asked by him. Afterwards the surveyor will verify the details of your Vehicle.

After verifying all the details and calculation of percentage of depreciation, the claim amount will be settled. In case of any difference in amount you need to pay the extra amount.

Documentation Required to settle claim in National Car Insurance Policy

Below mentioned documentation is required to settle the claim process. Documentaion may vary from case to case basis.

For Accidental Claim:

 For Theft Claim:

 For Third Party Claims:

National Car Insurance Premium Calculator:

Premium Calculator is available at the website of the National Insurance Company Limited. You can calculate your premium after submitting few required information.

National Car Insurance - FAQs

1. How to pay a premium? What are the modes of payment available?

The National Insurance Company offers 2 modes of premium payment namely:

• Cash payment at the branch
• Online Payment

For the online payment mode, the policyholder can pay via;

• Credit Card,
• Debit Card
• Net banking

2. How can I check policy status for National car insurance?

To check policy you can log into thee-Portal with your valid credentials.

3. What is the policy renewal process for National car insurance?

Registered policyholders can pay online in 3 easy steps
Step1: Enter your Policy Number and Date of Birth to login into e-portal
Step2: Select the payment option- Debit/Credit Card or Net Banking
Step3: Print/save the premium deposit receipt upon successful payment
Alteranatively, you can renew by Mobile

4. What is the company’s process to settle claim for National car insurance?

You need to fill the claim form and attach it with relevant documents to the Policy issuing office either directly or by an authorised Agent. Upon satisfactory evaluation, the claim will be settled in full within a few days.

5. What is the policy cancellation process for National car insurance?

Walk into your nearest branch with your policy documents and a duly filled surrender form. Upon successful acceptance at the counter, your policy will be cancelled and refunds directly credited in your bank account.