About National Insurance Company
Being India's oldest general insurance company, National Insurance Company Limited was incorporated in Kolkata in 1906. It is among one of the four subsidiaries of the General Insurance Corporation of India, which is fully owned by the Indian Government.
National Insurance Company aims at building relationships with its customers by offering a wide range of insurance products for motor insurance and other insurance sectors. The company has been serving car owners for years with its car insurance plans. Moreover, they are also known for their quick settlement of claims.
Key Features of National Car Insurance
|Features||Coverage and Benefits|
|Incurred claim ratio||78.55%|
|Personal Accident Insurance||Up to 15 Lakhs|
|No Claim Bonus||Yes|
Benefits of National Car Insurance
National car insurance offers multiple benefits to its policyholders. Some of these are:
- National car insurance offers a faster claim settlement with its 24*7 customer support service.
- The company provides cashless claim settlement services in over 268 authorized network garages across India.
- National vehicle insurance also covers towing charges as part of their package car policy.
- To enhance the coverage of your car insurance plan, the company also offers several add-ons covers on an additional premium.
- The company also offers No Claim Bonus discounts on motor insurance renewal.
- National Insurance Company provides personal accident cover to the policyholders as well.
- National motor insurance enjoys an Incurred Claim Ratio (ICR) of 78.55% for the year 2020-21.
Types of National Car Insurance Policy
National motor insurance offers two types of private car insurance plans. They are:
1. Annual Liability Only Policy
National Car Insurance Annual Liability Only policy covers a policyholder against any legal liabilities arising out of third party claims. It provides coverage for the car owner’s liabilities arising due to bodily injuries or the death of a third party person. It also covers the liabilities of the car owner for causing property damage to a third party.
While liability coverage for causing property damage is limited to Rs. 7.5 lakh, there is no set coverage limit for liabilities arising out of the death or bodily injuries of the third party. This policy excludes covering the insured car against any damage.
2. Annual Package Policy
The Annual Package policy by the National Insurance Company provides comprehensive protection to an insured car by covering third party liabilities as well as any loss or damages sustained by the insured car. It covers own damage of the car arising due to collisions, disasters, theft, manmade unrest or fire, etc. It also covers any accidental injuries or death of the owner-driver of the car.
Generally, National car insurance offers annual car insurance policies that need to be renewed every year. However, cars purchased after 1st September 2018 can get a liability only or package policy from National vehicle insurance for a policy tenure of three years.
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National Car Insurance Premium Calculator
Before purchasing a National motor insurance policy, you can also calculate its premium by using the National car insurance premium calculator. This will allow you to find out if the policy fits into your budget or not.
Coverage Under National Car Insurance
- Fire and Explosion: Damages caused due to fire, shock, self-ignition, lighting and explosion are covered.
- Theft: Any damage sustained by the insured car arising due to theft, housebreaking or burglary are included.
- Natural Calamities: Natural disasters, such as earthquakes, floods, landslides, cyclones, storms, hailstorms, etc. are covered.
- Manmade Calamities: Manmade calamities, such as riots, strikes, etc., are included under the plan.
- Terrorist Act: Any damage sustained by the insured car due to terrorist activity is included under a National car insurance plan.
- Third-Party Legal Liabilities: Any legal liabilities of the policyholder arising out of causing property damage and bodily injuries to a third-party person by the insured car will be covered. It also provides coverage in case the insured car causes the death of a third-party person.
- Accidental Damage: Damages arising due to an accident are covered.
- TowingCharges: In case of an accident, any charges incurred by the policyholder for towing the damaged car from the accident spot to the garage will be covered.
- In-transit Damages: Damages incurred by the insured car during transit by air, rail or waterways are covered.
- Wear and Tear: A National car insurance policy does not cover any loss or damages resulting out of normal wear and tear of the car.
- Invalid Driving License: Any loss to the insured car while driving with an invalid driving license is excluded.
- Mechanical & Electrical Breakdown: Any loss or damages incurred due to mechanical and electrical breakdown of the car will not be covered.
- Consequential Loss: National car insurance does not cover any loss or damages caused to the insured car as an indirect consequence of a covered contingency. For example, any damages caused to the car tyres while being towed from the accident spot to the garage will be not covered.
- Drunk Driving: Damages sustained by the insured car while the driver was drunk or under the influence of drugs is excluded from the National insurance policy.
- War or Allied Perils: In case a war or warlike situation results in causing major loss or damages to the insured car, then, unfortunately, the insurance company will not compensate for it.
- Contractual Liabilities: National car insurance will not pay for any liabilities arising out of any contractual work involving the insured car.
- Commercial Use: If the insured car is being used for non-personal or commercial use and ends up suffering a loss or damage, then the insurance company will not pay for it.
National Car Insurance: Add-ons
National car insurance also offers several add-on covers that can be used to enhance the coverage of your car insurance policy. However, these add-ons can only be purchased by paying a higher premium amount. Here is the list of add-on covers offered by National Car Insurance:
The Nil Depreciation cover compensates a policyholder for the depreciation incurred by the insured car over time. This add-on cover provides 100% coverage for plastic and metal parts while 50% coverage for tubes, tyres and batteries of the insured vehicle.
Under Invoice Protect cover, the National car insurance will pay the policyholder with a sum equal to the difference between the IDV and current invoice price of the car if there is a total loss or total theft of the insured car.
The NCB Protect cover allows you to protect your No Claim Bonus discount even if you have previously made a claim during your policy tenure. With this add-on cover, you do not lose your NCB even after making a claim.
By purchasing an Engine Protect cover, you can cover any loss or damage sustained by your car’s engine or its parts due to water ingression, flood or inundation. In addition to this, the cost of consumables used during repairs will also be covered by National car insurance.
The Nil Depreciation Plus cover adds an extra benefit to the Nil Depreciation cover by paying the policyholder the amount of depreciation deducted on the value of parts replaced and material component of painting charges in case of a partial loss claim of the insured car.
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How to File a Claim Under National Car Insurance?
Follow the steps mentioned below to file a claim under a National motor insurance policy:
- Report the Incident: Immediately intimate the National Insurance Company about the incident to register the claim.
- Carry Relevant Documents: Fill out the National car insurance claim form and attach the required documents. Make sure to carry all the relevant documents with you while registering the claim.
- Vehicle Inspection: An IRDAI licensed surveyor appointed by the company will inspect your car to estimate the loss and damage incurred by the vehicle.
- Claim Settlement: If your car is repaired in an authorized network garage, then your insurer will pay for the cost incurred for repairs. In the case of non-network garages, you will first have to pay the bill garage bill and the insurer will reimburse the bill amount later.
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Documents Required to Raise a Claim Under National Car Insurance
To raise a claim under National motor insurance, make sure to carry the documents mentioned below:
- Copy of Registration Certificate
- Copy of valid driving license
- Estimate of repairs
- Copy of permit
- Copy of fitness certificate
- Car insurance paper
- Copy of Police FIR
- Duly filled claim form
How to Renew National Car Insurance?
National insurance renewal online is a quick and easy process. Follow the steps given below for National car insurance renewal online:
Step 1: Visit the official website of Policybazaar Insurance Brokers Private Limited
Step 2: Go to the Car Insurance page under the ‘Insurance Products’ dropdown menu and enter your car number in the form available
Step 3: Now fill in the required details and proceed forward
Step 4: Enter your policy expiry date and previous claim status
Step 5: From the mentioned plans, find the National Insurance car insurance plan to be renewed. You can also check policy details here.
Step 6: You can select your preferred add-ons and then select the plan.
Step 7: Select No Claim Bonus discount and proceed.
Step 8: Fill out the proposal form and proceed to payment.
Step 9: Now make the payment for the National Insurance car policy renewal online using your preferred payment method.
Step 10: Once the payment is complete, your motor insurance policy will be renewed. Your National Insurance car insurance renewal documents will be sent to your registered email address.
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Ans: National car insurance will be issued with one-year validity and will have to be renewed every year. However, cars purchased post 1st September 2018 can be covered for three years under the bundled policy.
Ans: Yes. National car insurance will provide no claim discount on renewal for every claim-free year. The discount can be accumulated to a maximum of 50% if no claims are made for 5 consecutive years.
Ans: Yes. You can renew your national car insurance online by filling up the renewal form with the required details. Once you pay the premium amount quoted, your car insurance policy will be renewed.
Ans: Finding a car insurance company good is subjective and depends on a person’s personal choice. You can compare National car insurance with other motor insurance companies in India based on coverage, premium, incurred claim ratio, etc. You can easily compare different car insurance companies on websites like Policybazaar.com.
Ans: Yes. National car insurance policies come with a compulsory deductible of Rs 1000 for cars up to 1500 CC and Rs 2000 for cars above 1500 CC.
Ans: Yes, you can renew your expired/lapsed four-wheeler insurance policy. However, before the renewal, the car will be re-inspected by the National Insurance Company.
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Note: This is your car’s recommended IDV as per IRDAI’s depreciation guidelines.asdfsad However, insurance companies allow you to modify this IDV within a certain range (this range varies from insurer to insurer). Higher the IDV, higher the premium you pay.