New India Assurance Commercial Vehicle Insurance
New India Assurance is one of the most trusted Public Sector General Insurance Companies in India. The Insurer has been felicitated with numerous awards for excellence in services. With its head office in Mumbai, the insurer operates in more than 28 countries across the world. In addition to New India Assurance Commercial Vehicle Insurance, the insurer is also known for its private car and two-wheeler insurance plans. Read more
Why New India Assurance Commercial Vehicle Insurance?
In India, every private and commercial vehicle owner is required to have a motor insurance policy, as per the Motor Vehicles Act, 1988. Every owner/driver of a private or public vehicle plying on the roads needs to have a minimum of third-party insurance cover. However, a comprehensive insurance policy is recommended to cover the risk of the vehicle owner and the 3rd party in case of bodily injury, accidental death, and property damage.
While driving on the roads the commercial vehicle driver should be carrying the commercial vehicle insurance certificate as a proof to avoid fines and penalties.
Types of New India Assurance Commercial Vehicle Insurance Plans
Below are the two types of New India Assurance motor insurance for commercial vehicles:
- New India Assurance Commercial Vehicle Liability Only Policy: It covers third-party liabilities arising in case of bodily injuries, death or property damage. It also offers Personal Accident cover for the owner-driver.
- New India Assurance Commercial Vehicle Package Policy: In addition to third-party damages, this type of New India commercial vehicle insurance policy also coves loss or damage caused to the insured vehicle.
While renewing the New India commercial vehicle insurance policy you can avail No-claim discounts between 20% and 50%, depending upon the vehicle type and the number of claim-free years.
New India Assurance Commercial Vehicle Insurance Policy Coverage
New India Assurance offers both third-party liability cover and own-damage cover with its commercial vehicle insurance plans.
New India Assurance Commercial Vehicle Liability Only Policy:
In this type of policy the insurer pays for the vehicle owner's legal liabilities arising due to:
- Damage caused to a third-party property
- Death or bodily injury to a third party person
The compensation offered is unlimited or as decided by the court of law for liabilities arising due to injury or death. The limit to recompense third-party property damage from the insured commercial vehicle is up to Rs. 7.5 lakhs.
New India Assurance Commercial Vehicle Package Policy:
Apart from third-party liability cover, package only policy covers loss or damage caused to the insured commercial vehicle and its accessories due to:
- Housebreaking, burglary, or theft
- Natural calamities including storm, flood, hurricane, typhoon, cyclone, and hailstorm
- By Rockslide/Landslide
- Explosion, fire, self-ignition or lightning
- Malicious Act
- Earthquake (Fire and Shock) Damage
- Riot and Strike
- Terrorist Act
- Accident by external means
- Whilst in transit by inland waterway, road, air, lift, or elevator
The insurer also covers towing charges from the place of accident to the nearest garage up to a maximum of Rs.300 for two-wheelers and Rs.1500 for commercial vehicles. The limit can be enhanced further on payment of extra premium.
Certain limitations are applicable to fire and theft coverage, in addition to the mandatory liability only policy coverage. However, it is not available for special types of vehicles, vehicle rated under Class D, and Tariff for Miscellaneous.
Exclusions of New India Assurance Commercial Vehicle Insurance Policy
New India commercial vehicle insurance policy doesn’t cover the following expenses:
- Any type of consequential loss
- Loss or damage due to war, rebellion, etc.
- Wear and tear
- Claims arising out of contractual liability
- Loss when driving without a valid driving license
- Driving under the influence of alcohol
- Use of vehicle beyond the scope of coverage (i.e. commercial vehicle being used for the private purpose)
New India Assurance Commercial Vehicle Insurance Policy Sum Insured
The sum insured of New India Assurance commercial vehicle insurance policy is referred to as the Insured Declared Value or IDV.
In case the insured vehicle is stolen, or is totally damaged and is beyond repair the claim amount will be determined on the basis of the Insured Declared Value or IDV.
The IDV is fixed on the basis of selling price listed by the manufacturer on the basis of the brand and model of the insured vehicle at the time of policy purchase or renewal and is adjusted for depreciation as per schedule.
If the vehicle is older than 5 years or is an obsolete model that has been discontinued then the IDV is determined on the basis of a mutual understanding between the insurance provider and the policy holder.
New India Assurance Commercial Vehicle Insurance Add-on Covers
The coverage can be further enhanced by including the following add-on benefits by paying a nominal extra premium:
- Loss or damage cover to accessories fitted in commercial vehicle such as fans, stereos, air-conditioners, etc.
- Legal liability cover for non-fare paying passengers in commercial vehicles
- Legal liability cover to employees
New India Assurance Commercial Vehicle Insurance Renewal
The insurer follows a simple claim process when purchasing the policy online. You can also opt for a quick renewal by providing the following information:
- Customer ID
- Old New India Assurance commercial vehicle insurance or Renewed Quote Number
- Once all the information is provided, you can save your New India Assurance commercial vehicle insurance quotation to proceed
- Now you can make the payment through credit/debit card or net banking
- Once the insure receives the amount, your New India Assurance commercial vehicle insurance policy will be renewed and mailed to you
New India Assurance Commercial Vehicle Insurance Claim Process
To file a claim for your New India Assurance commercial vehicle insurance policy you can follow the steps given below for specific scenarios involving liability claims, accidental damage, and theft:
Liability Claim Process:
- Immediately inform New India Assurance about the incident for which you have raised a liability claim.
- Once you receive the summons from Court, immediately send it to the insurance company.
- Submit the duly filled claim form with copies of Diving License, Registration Certificate, and FIR.
Accidental Damage Claim Process:
- Immediately intimate at the nearest New India Assurance office, they will issue a claim form.
- Duly fill and submit the claim form along with a copy of RC and DL of along with the repair estimate.
- The insurer will appoint a surveyor to assess the damaged vehicle, create a report and share it with the insurance company. If there is any major damage the insurer will arrange a spot survey, at the site of the accident.
- The policyholder needs to submit final bills/cash memos to the insurer
- Once the claim is approved the salvage of the damaged parts need to be deposited with the insurer once the claim is approved.
Theft Claim Process:
- To report a theft claim it is important to immediately file an FIR with the police.
- Submit the copy of FIR with the insurer.
- Also, submit the final police report as soon as it is received.
- In case of theft claims full cooperation is required with the surveyor appointed by the insurer.
- Once the claim is approved get the RC transferred in the name of the insurer. Vehicle keys, Indemnity on stamp paper, and letter of Subrogation also need to be submitted.
Documents Required at the Time of Claim
Copy of claim intimation given to insurer with photocopy of the policy and premium receipt:
- Driving license
- Duly filled India Assurance commercial vehicle insurance claim form
- RC of the insured vehicle
- An estimate of repairs from the repairer and stamped receipt
- Verification of road tax
- Bills and cash memo of repairs
- Police Panchanama/FIR
- Permit and fitness certificate and any other documents deem feet for the situation.
New India Assurance Commercial Vehicle Insurance FAQs
Any commercial vehicle owner who has registered in his/her name with the Regional Transport Authority in India can buy the policy.
There are two types of New India Assurance Commercial Vehicle Insurance policies: Commercial vehicle Liability only policy and Package Policy.
The premium of the policy depends upon the following factors:
- Age of the vehicle
- The cubic capacity of the engine
- Geographical zone
- GVW of commercial vehicles
- Add on Covers
You might have to pay for the depreciation, compulsory excess and reasonable value of salvage in case it is not surrendered to New India Assurance.
Q5. Can I make the payment directly to the workshop?
You can make the payment if it an approved workshop and if it is not an approved garage, you cannot claim the amount paid.