New India Assurance Car Insurance

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New India Assurance Car Insurance

New India car insurance is a comprehensive motor vehicle plan offered by New India Assurance. New India Assurance is one of the largest and oldest public sector general insurer in India. Headquartered in Mumbai, the company has a presence in more than 28 countries across the world with a global business of Rs. 26,607 crores (as of March 2019). In addition, the company is also present in the United Kingdom, Japan, Trinidad and Tobago and Mauritius. New India car insurance comprises private car, standalone CPA cover, standalone for motor PC, standalone OD for motor TW and two wheeler insurance.

Features of New India Assurance Car Insurance

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Benefits of New India Assurance Car Insurance

New India Assurance Private Car Insurance Coverage

New India Assurance Private Car Insurance Policy can be tailor-made for any private vehicle to get insurance. This policy by New India Assurance Car Insurance covers Own Damage car insurance and also, Third Party liability insurance. These categories of car insurance from New India Assurance help car owners in case of any accident or mishap.

Types of coverage

1. Own Damage - This policy cover any damage or loss to the owner’s car due to any of the following things:

  • Fire, explosion, self-ignition or lightning.
  • Burglary, housebreaking or theft.
  • Riot and strike
  • Malicious acts
  • Terrorist acts
  • Earthquake (fire and shock) damage
  • Flood, typhoon, hurricane, storm, tempest, inundation, cyclone and hailstorm
  • Accidental external means
  • Whilst in transit by road, inland waterway, lift, elevator or air
  • By landslide/rockslide

2. Third Party Liability - This policy is mandatory by the Motor Vehicle Act, 1988, it is provided by car insurance from New India Assurance that covers any injuries or property damages to the third party. Liability is covered for an unlimited amount in cases of death or injury, and damage to third party property for Rs. 7.5 lakhs.

3. Personal Accident Cover - Owner-driver, passenger and paid driver personal accident cover: The Owner-driver personal accident cover of sum insured of Rs. 2 lakhs in case of permanent total disability or an accidental death is covered with a premium of Rs. 100

4. Optional Covers

  • Personal Accident cover for passenger/occupants is available with sum insured of Rs. 2,00,000 for each occupants on a premium of Rs. 100/person
  • Paid Driver cover: Legal liability cover for a paid driver with a premium of Rs. 50 annually

Add-on Features of New India Assurance Car Insurance

  • Nil Depreciation Cover - Under the core insurance policy, the expenses of the depreciable parts of the car are not covered fully in case of repair or replacement at the time of claim. Deducted depreciable cost of repair or replacement is paid by the insurer even after holding a policy at the time of claim. Repair or replacement of depreciable car parts such as rubber, metal, plastic, nylon, fiber, etc. at the time of claim, arising from perils mentioned in the Own Damage section of car insurance policies, usually require additional expenditures. These expenses are payable by the insured. However, car insurance from New India Assurance offers an add-on cover – Nil Depreciation. This add-on cover proves to be cost-effective for the policyholder. The cost is fully covered by the New India Assurance if this add-on cover is bought in addition to the Package Policy.
  • Note: This add-on cover can be availed on a private car aged up to 5 years.

  • Inclusion of Road Tax Cover - In an unfortunate case of Constructive Total Loss (damage beyond repair) due to the major accident or Total Loss (theft), the policyholder is covered with the Road Tax charges on a replacement of the insured car. The cover is available for Private Car upto 5 years of age.
  • Return to Invoice - In case of the Total Loss or Constructive Total Loss, the policyholder with this add-on cover will be indemnified towards the loss of the insured vehicle with a sum assured of the invoice price, including Road Tax and Registration charges. These charges will be the difference between the IDV of the vehicle and the ex-showroom price of the same make and model of the insured car.
  • Specific condition: This add-on cover is only available for private cars with invoice price of up to Rs. 20 Lakhs and not more than 3 years of age.

  • No Claim Bonus Protection Cover - No Claim Bonus is the discount that New India offers to their policyholders. This discount can only be availed if the policyholder doesn’t lodge any claim throughout the year. The policyholder can avail 20% discount on the premium of second year, provided no claim is lodged in the first year. A discount of 25% is applicable for the third year when no claims have been lodged in the second policy year. It keeps on increasing cumulatively. But if you make a single claim, you lose this discount and it directly comes down to zero. No Claim Bonus Protection add-on cover helps you retain the No Claim Bonus benefit. Even after a claim, it doesn’t become zero.
  • Specific condition: Available only for private cars of up to 7 years of age. Not more than 2 claims are accepted during the policy period.

  • Engine Protect Cover - The cost to repair engine parts or the parts of gear box that may get damage due to water ingression or leakage of lubricating oil is quite high. With the help of this add-on cover you stay protected and get covered at the time of claim if there’s any damage to those parts.
  • Specific condition: Available only for private vehicle of upto 5 years age.

  • Additional Towing Charges - The standard package policy provides towing charges of Rs. 1500 only. But with this add-on cover you get reimbursement of towing charges of upto Rs. 10,000.
  • Specific condition: Available only for private vehicle of upto 7 years of age.

  • Loss of Content Cover - This add-on gets you covered with the cost of loss or damage incurred to the personal belongings kept in the insured vehicle at the time of theft, burglary, accident or any other perils mentioned in the Own Damage of policy wordings.
  • Specific condition: The coverage is of up to Rs. 20,000 with an additional 20% of the sum insured (Rs. 4000) for each item or the actual price, whichever is lesser, in case of loss or damage of the item. The cover is available for cars of up to the age of 7 years.

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    Eligibility for New India Car Insurance

    Any individual whose car has been registered with the Regional Transport Authority in India under his/her name is eligible for purchasing car insurance from New India Assurance.

    Discounts Offered by New India Assurance Car Insurance

    New India Assurance Car Insurance offers many attractive discounts that the policyholder can avail.

    • No-Claim Bonus: The No Claim Bonus is a discount offered on the next year’s premium. If you make no claims throughout the year, you are benefitted with the huge discount on the next year’s premium. If you do not make a claim on the first year of the policy term, you will be eligible for a discount of 20% on the premium for the second year of the policy term, and so on. The rate of discount keeps increasing as per the table below.
    No. Of Years Discount
    One claim-free year 20%
    Two consecutive claim-free years 25%
    Three consecutive claim-free years 35%
    Four consecutive claim-free years 45%
    Five consecutive claim-free years 50%
    • Voluntary discounts: This discount is offered if you decide to pay the minimum amount of money at the time of claim. If you don’t make any claims you still get discount and neither the minimum amount you agreed to pay at time of claim.
    • Other Discounts: New India Assurance Car Insurance offers other discounts in case if you:
      • Have a Automobile Association membership
      • Install Anti-theft device in your insured car

    Inclusions of New India Car Insurance

    Claims for car insurance from New India Assurance are applicable on all types of commercial vehicles and two wheelers. Damage or loss to the insured car and/or its accessories caused due to any of these natural and manmade disasters can be claimed against car insurance from New India Assurance:

    • Flood, lightning, storm, hurricane, typhoon, hailstorm, cyclone, fire, explosion
    • Earthquake, rockslide, landslide
    • Burglary, theft, housebreaking
    • Riot and terrorist activities
    • Malicious acts
    • Accidental external means
    • Loss or damage in transit by road, elevator, waterway or air

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    Exclusions of New India Car Insurance

    • Wear and tear, breakdowns
    • Consequential loss
    • Loss when driving with invalid driving license or under the influence of alcohol.
    • Loss due to war, civil war, etc.
    • Claims arising out of contractual liability.
    • Use of vehicle that is not in in accordance with `limitations as to use ' (e.g. private car being used as a taxi)

    How to Claim for New India Assurance

    Required steps and supporting documents:

    a) In case of Car Accident Claims

    • Immediately contact New India Assurance on their toll-free number 1800-209-1415
    • Lodge a claim with duly signed Claim Form
    • Copy of Driving License, RC book, Policy document
    • FIR, if required (Kindly note down, contact details of people and vehicle number involved in accident)
    • Original Repair Estimate Bill
    • Invoice receipt only, in case of cashless service
    • Original invoice and payment receipt, in case of receipt mentioning the estimate of repairs

    b) In case of Car Theft Claims

    • Immediately contact New India Assurance on their toll-free number 1800-209-1415
    • Lodge the claim with duly signed claim form
    • Original keys with Copy of Driving License, RC book, Policy document
    • Police FIR copy
    • Duly signed Form 28, 29, 30 and Form 35.
    • Final confirmation with “No Trace Report” of the insured vehicle from the police

    c) In case of Third Party Claims

    • Immediately contact New India Assurance on their toll-free number 1800-209-1415
    • Lodge the claim with duly signed claim form
    • Police FIR copy
    • Copy of Driving License, Policy and vehicle’s RC book

    Step-wise guide to claim:

    • Step 1. The first things to make a claim is to call on New India Assurance Car Insurance’s Toll-Free Helpline number - 1800-209-1415
    • Step 2. Take appointment with the surveyor and take your vehicle to any of New India Assurance Car Insurance authorized network garages for repair, for cashless service. Submit the require documents to the surveyor
    • Step 3. Company confirms liability
    • Step 4. If possible, opt for cashless facility, the company will settle the repair bills directly with the garage up to the amount payable
    • Step 5. But in case you do not opt for cashless facility, you have to pay for the repair charges and then submit the bills with claim form to the surveyor/company for settlement
    • Step 6. Vehicle Delivery

    Contact Details:

    • Website: www.newindia.co.in
    • Email: motor.nia@newindia.co.in
    • Toll-Free Number: 1800-209-1415

    Review of New India Assurance

    The complete package for car insurance from New India Assurance offers add-on that offers financial security to the policyholder. Being a Government-owned establishment, the surety of claims settlement and the ensuing peace of mind is unmatched. What's more, the company boasts of a strong network of cashless garages and competent after-sales service. If you prefer a car insurance policy that is backed by the government, New India assurance is your sure-shot choice.

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