New India Assurance Company Limited is India's oldest general insurance company owned by the government. They are serving a diverse client base in India, including rural, urban, and business customers.
As a car owner, it is mandatory to have at least a third-party car insurance policy in our country. However, it is advised to choose a comprehensive car policy over third-party car insurance cover. It gives you extensive coverage, and you can also add on covers by paying additional premium.
In India, many car enthusiasts choose to beautify and modify their machines. The process of customising their car is quite enjoyable. There are three types of customisation, and each of these categories has a particular effect on car insurance premiums. Learn how these modifications affect your New India car insurance policy-
Some modifications are made to keep your car safe from theft or burglary. Under these kinds of modifications, you can install security anti-theft devices certified by the Automobile Research Association of India (ARAI). These anti-theft devices help to keep your car safe from instances like theft and reduce your premium as well. Therefore, certified anti-theft devices on your car help to lower the New India car insurance premium.
Most people choose to enhance their car's performance by enhancing their car's speed using speed enhancer technologies. Even they choose fuel-saving mechanisms to improvise performance. All these modifications may increase the risk of an accident. Thus, New India Assurance Co Ltd chooses to increase the insurance premium for those car as it raises the 'risk factor'.
Also Read - How modification affect on car insurance
Beautification is one of the most popular ways to enhance car aesthetics. Under this category, people choose to change the car's color, replace a few engine parts, the addition of carbon fiber components, and change headlights & taillights.
All these changes attract the criminals more. Thus, it will increase the chances of theft and might boost its market value. As a result, New India Assurance Co Ltd may increase the car insurance premium for beautification or alterations. Even, while repairing your damaged car, it might require non-factory-fit automobile components, which is a costly affair.
The modifications and alterations do influence your car insurance premium. As a car owner, it is important to notify your car insurance provider for doing any changes. If you do not intimate your insurer about the alterations, there is the possibility that they might deny your claims. Therefore, you must inform your car insurer before doing any modifications.
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