About New India Assurance Insurance Company
The New India Assurance Co. Ltd is a wholly-owned subsidiary of the 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 of insurance plans, effective and advanced technology, integrated complaint management structure are some of the keys to the company’s success. And last but not least The New India Assurance Co. Ltd is the only insurer who is considered as the direct insurer in India.
Key Features of New India Assurance Car Insurance
|Features||Coverage and Benefits|
|Incurred claim ratio||78.20%|
|Personal Accident Insurance||Up to 15 Lakhs|
|No Claim Bonus||Yes|
Benefits of New India Assurance Car Insurance
Here are some of the benefits of the New India Assurance car insurance policy.
- New India Assurance third-party car insurance policy provides coverage for up to Rs 7.5 Lakh.
- The insurance company also provides personal accident cover to the policyholder.
- The company provides financial aid to the third party for the damage of their vehicle, property as well as medical liabilities.
- New India Assurance has a big network of garages that you can visit for the repairing of your damaged car and they will pay the bill on your behalf except for the deductibles.
- To enhance your coverage you can choose from the available add-ons by paying an extra amount in your premium as per the cost.
- The insurance company provides 24*7 assistance to the policyholder.
- The claim settlement ratio of New India Assurance car insurance is 90%.
Types of New India Assurance Car Insurance Policy
New India Assurance car insurance policy offers two types of car insurance plans. They are as follows:
- Liability Only: Liability only plan is a third-party car insurance policy that provides coverage to the policyholder for third-party liabilities only. 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.
- Package Plan: The package plan is a comprehensive car insurance policy that provides coverage to the policyholder for their own damages along with the third party. With this plan, a policyholder can purchase add-ons to enhance the coverage.
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New India Assurance Car Insurance Premium Calculator
While purchasing the New India Assurance Car Insurance you have the option of calculating the premium amount using the online premium calculator to check if the car insurance plan fits in your budget.
Coverage Under New India Assurance Car Insurance
- 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 the Terrorist Act also.
- 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 Damage: Accidental by external means.
- Natural Calamity: Natural calamities like floods, typhoons, hurricanes, storms, cyclones, hailstorms, tempests and Inundation are also covered under this plan.
- Slides: Landslide or Rockslide are covered under the Package Plan.
- Consequential Loss: The company does not provide coverage for any kind of consequential loss.
- Wear and Tear: Normal wear and tear of the car is not covered under the New India Assurance car insurance policy.
- Driving with Invalid Driving License and with Consumption of Alcohol: If the driver of the car is found driving the car without a driving license or under the influence of alcohol when the accident took place that led to the damage of the car or the passenger’s injury then the insurer will not provide coverage for it.
- Loss Due to Civil War: Any kind of loss or damage caused to the car in a civil war or war-like situation, the insurer will not provide coverage for it.
- Usage Beyond Private Purposes and Limits: If the car gets damaged while being used for commercial purposes then the insurer will not provide coverage for it.
- Usage Beyond Specified Borders: If the car gets damaged beyond the area specified in the policy documents then the insurer will not provide coverage for it.
- Tyre Damages: The company will not provide coverage for any kind of tyre damage.
- Damage Due to Race: Any loss or damage caused to the car while participating in an organized race.
- Consumable Cost: The insurer will not provide coverage for any of the consumables cost.
- Engine Damage: The insurer will not provide coverage for the damage caused to the engine in a non-accidental case.
New India Assurance Car Insurance: Add-Ons
The insurance company offers several add-ons to the policyholder to enhance their coverage. Here is a list of those add-ons:
This add-on cover provides coverage against the depreciation amount of your car. 100% coverage for the metal and plastic parts but 50% coverage for tyres, tubes, as well as batteries.
No claim bonus is like a reward that the insurance company offers to the policyholder for not raising any claim during the policy tenure. The percentage of reward starts from 20% to 50% that you can avail of at the time of renewal.
With this add-on, cover policyholder can get the invoice price for the car after raising a claim meaning the insurer pays the amount you paid when you purchased the car. However, the insurance company only offers this add-on for cars less than Rs 20 lakh as the invoice price.
This add-on cover provides coverage for the engine and gearbox in case of oil leakage as well as the ingress of water. However, the policyholder cannot purchase this add-on if the car is more than 5 years old since the day it came out of the showroom.
In case the insured car gets stuck somewhere while on the road the insurer provides coverage for the roadside assistance required as well as sends them to that location.
This add-on provides coverage for the loss or damage of personal belongings in case of theft or accident. However, the coverage of up to Rs 20,000 is provided plus 20% of the sum insured.
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How to File a Claim Under New India Assurance Car Insurance?
To raise a claim under New India Assurance Car Insurance follow the steps given below:
- Inform the Insurance Company: Make sure to inform your insurer about the mishap so that they can begin at their end.
- Take Pictures: It is suggested to click the pictures of the damage as it helps the insured in the further process.
- Keep Your Documents Handy: To begin the process of claiming you have to fill the claim form and attach the required documents so it is advised to keep the documents ready to make the claiming process quicker.
- Inspector’s Visit: Once you have submitted the claim form, the insurer will send a team of inspectors to inspect the loss and damage caused and once they make provide financial coverage for the repairing of the car.
- Compensation Provided: if you get your car repaired in one of the network garages then the insurer pays for the repairing on your behalf however, if you get your car repaired in a non-network garage then you have to pay the repairing bill and later on insurer provides reimbursement for the paid amount.
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Documents Required to Raise Claim Under New India Assurance Car Insurance
These documents that are to be submitted at the time of registering a New India Assurance Car 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.
How to Renew New India Assurance Car Insurance?
New India assurance car insurance policy comes with a validity of 1 to 3 years. It is important to renew the car insurance policy before the expiry date to keep on getting the coverage benefits of the policy. Here are the steps that you can follow to renew the New India Assurance car insurance policy.
- Step 1:Go to the official website of Policybazaar Insurance Brokers Private Limited
- Step 2:Fill in the policy number to access your account
- Step 3:You can add or remove any add-on as per your needs
- Step 4:The insurance premium amount will increase or decrease as per the addition or removal of any of the add-on
- Step 5:Now you can click on the “Renew” button
- Step 6:Now you will enter the payment page where you can make the payment of the renewal of your car insurance policy by using a debit/credit card, UPI or net banking.
- Step 7:Once the payment is complete, the insurer will update your car insurance policy and send it to your registered email ID as well as to your house.
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Ans: Yes, you can easily purchase a New India Assurance car insurance policy online. You either have to visit the insurance company’s official website or any insurance aggregator’s website.
Ans: Yes, it is suggested to purchase an add-on but only if you feel the need to purchase it. If you feel the need do not want to bear the payment of the depreciated amount then you can purchase the zero-depreciation add-on cover to protect you against it.
Q3: Does the New India Assurance car insurance policy provides coverage against the damage caused to the car in a natural calamity?
Ans: Yes, the New India Assurance car insurance policy provides coverage against the damage caused to the car in natural calamities such as earthquakes, floods, etc.
Q4: What if I raise a claim after the expiry of the insurance policy, will the insurer provide coverage for it?
Ans: If you raise a claim and the policy expires the insurer will not be liable to provide coverage for it.
Ans: Yes, New India Assurance provides assistance to the policyholder in case they get confused or get stuck during the claiming process.
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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.