New India Assurance Two-Wheeler Insurance
The New India Assurance Company Limited is a multinational general insurance company founded by Sir Dorabji Tata in 1919. This government-owned company offers several insurance products and services, including a two-wheeler insurance policy. New India Assurance bike insurance protects your two-wheeler against third-party liabilities and unwanted expenses from accidental damages.
New India Assurance Bike Insurance- Key Features
Below are the key features of the New India Assurance bike insurance policy:
|Two-wheeler Network Garages||1173+|
|Claim Settlement Ratio (CSR)||91% (as per the IRDAI motor insurance annual report 2021-22)|
|Customer Assistance||24x7 available|
|Personal Accident (PA) Cover||Up to Rs. 15 Lakh|
Things to Know About New India Bike Insurance Policy
The New India Assurance Company Limited is a public sector general insurer offering a wide range of policies at affordable premiums. Some significant points about the New India bike insurance policy that you must be aware of are as follows:
Only RTO-registered two-wheelers can buy a bike insurance policy from New India Assurance Company Limited.
IDV of the vehicle determines the sum assured of a vehicle insurance policy. The amount you get on your bike insurance policy is based upon the IDV, i.e., the current market value of the two-wheeler.
However, the policyholder and the insurer mutually settle the IDV of a two-wheeler over five years old or an outdated model.
You can earn a No Claim Bonus (NCB) between 20 and 50 per cent for all the claim-free years. The NCB varies based on the number of years that you have yet to file a claim.
Road Safety Insurance – Optional Coverage
New India Assurance also offers Road Safety Insurance or Raasta Aapatti Kavach policy. It reimburses the hospitalization costs in case of accidental injuries. Under this, the policy provides Personal Accident compensation ranging from Rs. 25,000 to Rs. 1 Lakh and in further multiples of Rs. 1 Lakh to Rs. 10 Lakhs.
Just by shelling out some extra money, you can get:
- Accessories cover
- Coverage for co-passengers (commercial vehicles)
- Personal accident coverage to passengers, including drivers and employees.
Inclusion of a New India Assurance Two-wheeler Insurance Plan
The company provides both third-party insurance and comprehensive plans. Here is a quick rundown of the coverage that is offered:
Third-party Two-wheeler Insurance
The insurer will compensate for the loss in the event of bodily injuries, accidental death of a third person, or third-party property damage in an accident.
Comprehensive Two-wheeler Insurance
Buy this plan to cover both third-party and your own two-wheeler damages. The policy will cover the damages resulting from:
- Collision or Accident
- Burglary, theft, and housebreaking
- Floods, storms, cyclones, earthquakes, etc.
- Malicious Acts
- Damage during the transit
- Third-party liabilities
The insurer also provides towing assistance from the accident site to network workshop up to a maximum limit of Rs. 300 for two-wheelers. However, you can increase the limit by shelling out some extra premium.
Moreover, a restricted cover is available that covers the risks of fire and/or theft only. If you plan to buy a comprehensive two-wheeler insurance cover, the above coverage will help you determine an adequate policy. You can invest your hard-earned money wisely and safeguard yourself from unforeseen emergencies while driving.
Exclusions of New India Assurance Two-wheeler Insurance Plan
You will not get compensation for claims arising out of the following circumstances:
- Riots and war conditions
- Normal wear & tear
- Any consequential loss
- Contractual liabilities
- Driving without a DL
- Driving the two-wheeler after consumption of liquor
- Usage of insured bike beyond the specified limit.
Compare New India Two-wheeler Insurance Online
Before buying a bike insurance plan, remember to compare your bike insurance online based on the make and model, date of purchase, and place of registration, among other details. At Policybazaar.com, you get an option to compare several bike insurance plans offered by multiple insurers.
Firstly, you will decide the coverage you want, i.e. comprehensive or third-party insurance. Next, you can check the optional covers if need be. However, the bike insurance premium will be calculated based on your choices.
New India Assurance Bike Insurance Renewal
The company follows a simple and hassle-free renewal process. For quick New India bike insurance renewal, the steps are listed below:
- Enter the Customer ID
- Enter the last policy number
- Renewed Insurance Quote No.
- After submitting all the required details, save your New India Assurance bike insurance quotation and proceed
- After finalizing, select the online payment and pay online via debit card, net banking, or credit card.
- On completion of the payment, your policy will be emailed to you.
Claim Procedure for New India Bike Insurance
While filing a claim for your New India Assurance two-wheeler insurance policy, follow the below-mentioned procedure:
For Theft Claims Settlement
- Immediately file a Police FIR
- Submit the police report to the insurance company.
- Your full cooperation is required while your bike is being inspected.
- Transfer your bike’s RC to the insurer’s name as soon as you get approval for your claim.
- Hand over the keys to your bike and the subrogation letter.
- You can refer to the policy documents for further details.
For Third-party Claims Settlement
- Immediately notify their claim team of the insurance provider
- Share the summons from the court with the insurance company
- Also, submit your New India Assurance bike insurance claim form
- Additionally, the insurer will ask for your DL, FIR, and RC (In original).
For Accidental Claims Settlement
- Once you file a claim for the damages, the insurer will give you the claim form
- Fill out the form and submit it.
- Also, provide your driver's license copy and registration certificate copy
- The 2-wheeler will be then inspected by one of their agents
- A report will be submitted by him, and based on that, your claim request will be taken forward
- All the repair bills and cash memos need to be signed by you
- Once you receive the approval, the insurer might ask you to submit the broken parts of the insured vehicle.
Documents Required for Raising Claims
- Police FIR
- DL/Driving License
- Claim Form
- Registration Certificate
- Repair Estimates
- Photocopy of the New India Assurance two-wheeler insurance policy
- Bills and Receipts (stamped)
- Premium Receipt
- Other documents (if required)
You may also read New India Assurance Third-party Bike Insurance
Explore New India Assurance Bike Insurance
New India Assurance Two Wheeler Insurance – FAQs
Ans: You must buy a comprehensive plan for extensive coverage against several unforeseen risks. It will protect you from loss or damages caused to your bike or scooter and cover third-party liabilities. Moreover, there is an option to buy add-ons like- roadside assistance cover, return to invoice cover, etc.
Ans: In India, third-party motor insurance is mandatory, keeping in mind the safety of third parties or persons. It offers third-party coverage for bodily injuries or property damage from the insured vehicle.
Ans: Yes, you can go for online renewal. The premium cost is decided based on the following:
- Bike or scooter age
- Geographical zone
- Cubic capacity
- Add-on Covers (opted by you)
Ans: While filing your New India Assurance two-wheeler insurance claim, the insurer will expect the listed documents:
- Police report/ FIR
- Copy of two-wheeler policy
- Driving License
- Claim Form (signed & filled)
- Registration Certificate
- Bills and Repair proof
- Receipt of the premium paid
Ans: You can settle bills only with a registered workshop. However, you cannot pay the bill directly with a non-registered garage.
Ans: The cost of the premium for your motorcycle or scooter policy is based on the following factors:
- Model of the bike
- Geographical zone
- Engine’s Cubic capacity
- Insured Bike’s Age
Ans: Yes, the policy can be easily purchased online from Policybazaar.com. Once issued, the policy can be downloaded from the official website. However, once you pay the premium, a bike insurance copy will be emailed to your registered email ID.
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