New India Assurance Car Insurance
New India Assurance Company Limited is a wholly owned subsidiary of Indian Government and is a multinational insurance contributor present in 27 countries and a market leader in the non life insurance sector in India based from Mumbai. Strong domestic and international presence, a wide range in insurance plans, effective and advanced technology, integrated complaint management structure are some of the keys to the company’s success. And last but not the least New India Assurance is the only insurer who is considered as the direct insurer in India.
Car is treated as another precious asset after home and thereby protecting the same from all dangers and risks become necessary. Car Insurance is mandatory as per The Motor Vehicles Act and one must avail the same for full protection against any unforeseen event. One cannot predict accident and with the increasing number of vehicle these days, chances of accidents have also increased. The expenses can go really high when it comes to accidents and not only this the risks and danger increases, even more, when the same is linked to any third party which can take anyone to court, thereby making both financial as well as mental struggles very difficult. In such a scenario, the car insurance plans play the most important role which provides full protection against the financial burden and third-party risks and damage or loss/death. Without a car insurance plan, any individual will not be in a position to meet the financial requirements and legal obligations.
New India Car Insurance covers both the own damage as well as the third party damage like the best car insurance. And on paying a little extra money, one can also enjoy certain additional covers for the passengers present at the time of the accident and also for the paid driver, employees, etc. The plan covers the vehicle from the natural calamities like flood, earthquake, cyclones, etc. and man-made incidents like theft, burglary. Attractive discount features are also there for people with anti-theft device as well as a vintage car and Automobile Association Membership. Like any other insurance company, New India Assurance also has inclusions and exclusions which the company will see and then process any claim as and when required. Policies can be renewed online or by just walking into any one of the branches. New India Assurance, a very trusted general insurance company, provides an all-round car insurance plan which provides almost all kinds of coverage needed to protect the vehicle from the risks and dangers associated with accidents.
New India Assurance Car Insurance Plan at a Glance
Coverage and Benefits
Third Party Coverage:
Up to Rs.7.5 lakhs
Incurred claim ratio:
Personal Accident Insurance:
The Necessity of New India Car Insurance Plans
Although one can buy a car insurance plan because it is legally mandatory, it’s always better to buy a good car insurance plan that will cover all the eventualities.
New India Assurance offers complete car insurance plans which protects vehicles from such eventualities.
This New India Car Insurance covers all types of vehicles which include Private Cars, scooters & motorcycles, all types of commercial vehicles, and motor trade which means vehicles which are in showrooms and garages.
Basically there are two types of plans which are available which are:
- Liability Only Plan
- Package Plan.
Now let’s have an overview of each plan:
Liability Only Plan
The main features of this New India Assurance plan are:
- Coverage of third party liability for bodily injury and or death. Personal Accident cover for Owner driver is also included in the plan.
- Third party property damage.
Liability is covered for an unlimited amount with respect of death or injury and damage to third party property for Rs 7.5 lakhs under Commercial Vehicle and private and Rs 1 lakh for Scooters/ Motor Cycles.
This New India Car Insurance plan covers the loss or damage to the insured vehicle and its accessories caused due to the following reasons which are as under:
- Burglary, Housebreaking or Theft: This plan covers the expenses which are uncured under burglary, housebreaking or theft.
- Fire, Explosion, Self-Ignition or Lighting: This plan covers the expenses which is uncured under fire, explosion. Self-ignition as well as lighting.
- Malicious Act: The Package Plan covers even the malicious act as well.
- Terrorist Act: The Package Plan covers the human activity of Terrorist Act also.
- Riot and Strike: Under this plan, the riots and strike are also covered.
- Earthquake & Fire: Both earthquake and fire are treated as the most common phenomenon in a life cycle and hence this plan covers these two important unpleasant incidents also.
- Accidental by external means.
- Natural calamities like flood, typhoon, hurricane, storm, cyclone, hailstorm, tempest and Inundation are also covered under this plan.
- Landslide or Rockslide are covered under the Package Plan.
The Important Exclusions under Package Plan by New India Assurance Company are as Follows:
- Consequential loss
- Wear and tear
- Driving with invalid driving license and with consumption of alcohol.
- Loss due to civil war, war.
- Usage beyond private purposes and limits.
- Usage beyond specified borders.
- Tyre damages.
This New India Car Insurance plan covers the towing charges as well from the place of incident to the garage or the workshop to the tune of Rs 300/- for Scooters/ Motorcycles and Rs 1500/- for cars and commercial vehicles. One can pay an extra premium and go for higher towing charges.
Standalone Compulsory Personal Accident Cover
Standalone Compulsory Personal Accident protects the owner/driver while driving the car including mounting or dismounting from or travelling in the four-wheeler as a co-driver. The coverage limit is up to Rs. 15 lacs and the policy duration is 1 year.
Add on Covers:
Upon paying the extra premium, one can get the following covers from New India Assurance Company:
- Personal accident cover under the car plans for Loss of damage of accessories which are fitted in the vehicle for example fans, stereo etc under the plan.
- Paid driver under the plan.
- Passengers under the plan.
- Legal liability to employees under the plan.
- Legal liability to non-fare paying passengers in commercial vehicles under the plan.
Any individual who owns a vehicle and is registered under his /her name with the Regional Transport Authority in India can apply for motor insurance plans.
Insured Declared Value (IDV)
IDV or the Insured Declared value is the Sum Insured of a vehicle. In case of theft or where the vehicle is totally damaged and is beyond any repairs, the claim amount depends on the basis of the IDV. The IDV is derived from the producer’s selling price of a car of similar specifications and from this value; the relevant amount of depreciation is deducted based on the age of the vehicle. IDV of vehicles which are beyond 5 years of age and are treated as obsolete models, there the IDV is to be determined on the basis of the consideration between the insurer and the insured.
A Rating under the New India Car Insurance Policy
The Rating depends on the following factors:
- Geographical Zone
- Cubic capacity
- Age of the Vehicle
- GVW in case of commercial vehicle
- Add on covers
New India Assurance Car Insurance Premiums
Premiums are dependent on the age of the car, city where the vehicle is registered, engine capacity. In case of own damage, premiums are set as per the sum insured of the insured motor vehicle. In case of third party damage, premiums are set as per the schedule mentioned in the Motor Vehicles Act, 1988.
Upon renewal, No Claim Bonus is applicable where no claim has been made during the New India Car Insurance policy tenure. The bonus will vary between 20%-50% which depends on the number of the claim free years prior to the renewal of the New India Car Insurance Policy. However, the important point to note here is that all the renewals should be made within 90 days of the expiry of the New India Assurance plan. Installation of anti-theft devices which are approved by ARAI. Discounts are given to members who are members from recognized Automobile Association of India. Also, those who are the owners of Vintage or Classic cars as recognized by Vintage and Classic Car Club of India.
New India Car Insurance Claim Process:
The processes of New India Car Insurance claim for the plans are classified into three categories for the ease of the individuals:
- Damage to the vehicle due to the accident.
- Theft of the vehicle.
- Liability claim
Now let’s have a look at the step by step process:
In Case of damage to the vehicle due to the accident
- The nearby office needs to be informed immediately after the incident who in turn will issue a New India Car Insurance claim form.
- Duly filled Claim Form along with the copy of Registration Certificate and driving license of the driver who was driving at the time of the accident, needs to be submitted.
- A Surveyor, prearranged by the New India Assurance company will survey the damaged vehicle and submit his reports to the insurance company. However, where a major accident has taken place, a spot survey will be taken place at the place of the accident.
- The final bills and the cash memos are to be signed by the insured.
- Retrieval of the damaged parts might be required to be deposited with the insurance company after the claim has been approved.
In Case of theft of the vehicle.
- F.I.R (First Information Report) has to be lodged with the Police immediately after the incident.
- The New India Car Insurance company needs to be intimated thereafter with the copy of the FIR.
- The Final Police Report needs to be submitted as soon as the same is received.
- The Surveyor/ Investigator who is appointed by the company will do their own investigations.
- The Registration Certificate needs to be transferred in the name of the New India Assurance company after the approval of the claim. After this, the handover of keys of the vehicle and a letter of Subrogation and Indemnity on stamp paper duly notarized needs to be submitted.
- The New India Assurance company needs to be intimated immediately after any such incident.
- Upon receipt of any summons from Court, the insurance company should be informed and sent on an urgent basis.
- Claim Form along with Registration Certificate, Driving License, FIR needs to be submitted.
Documents needed to register a claim for New India Car Insurance
Documents which are to be submitted at the time of registering a New India Assurance Insurance claim are as under:
- Duly Filled Claim Form.
- Copy of Driving License.
- Certificate of Registration.
- Road Tax verification.
- Police FIR.
- Claim intimation received by the insurer.
- An estimate of repairs and a stamped receipt from the repairer.
- Copy of the plan and receipt of payment of premium.
- Fitness certificate.
- Repair bills done at authorized garages.
New India Assurance Car Insurance- FAQs
Ans: The New India Assurance 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
Ans: You can go to the website and log in with your customer ID and password to know the New India Car Insurance Policy status.
Ans: Online Payment For Car Insurance by New India Assurance
Step1: Enter your Client ID and Date of Birth to login into e-portal
Step2: Enter policy number and expiry to proceed
Step3: Select the payment option - Net Banking or Debit/Credit Card to pay
Step4: Upon successful payment completion print/save the premium receipt.Alternatively, you can pay via cash/cheque at any of the nearest branches.
Ans: To settle the New India Car Insurance claim you can intimate the company by filling a form online. Upon a successful process, the claim is settled within a few days.
Ans: You can visit the nearest branch with your policy documents and duly filled surrender form that you can get at the branch. The refund will be directly credited in your bank account and New India assurance policy will stand cancelled.
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.Read More