Motor Insurance is an Insurance policy which protects the owner of the vehicle against the financial loss due to damage of the vehicle. This Insurance also covers the theft loss. The auto policy also covers the damage caused to the third party. Motor Insurance is compulsory in India. Therefore, Every person who owns a vehicle in India should accept the policy. The Motor Insurance is available for both cars and Bikes. As the cost of two wheeler vehicles is small, their premium is also very nominal. New India Assurance Company also offers New India Bike Insurance plan to the customers in India.
The New India Bike Insurance Review
New India Insurance Company is a leading Insurance Company around the Globe. It is a Government Multinational General Insurance Company. The founder of New India Assurance Co. Limited is Sir Dorabji Tata in 1919. The New India Assurance Company have its headquarters in Mumbai. It offers various General Insurance Policies for the customers. The General Insurance Plans in New India Includes Health Insurance, Travel Insurance, and Motor Insurance. Of them, Motor Insurance comprises of various types. They are New India Personal Accident, Commercial Vehicle Policy, New India Two Wheeler, Car Insurance. Therefore, From all these Plans, the customer can select the plan according to their need. New India Insurance company gives the highest priority to the client needs. It performs all the operations with utmost transparency.
Before Accepting a policy, the customer can calculate the premium using New India Bike Insurance Premium Calculator. The New India Motor Insurance Company Official Website is www.newindia.co.in.
New India Assurance Two Wheeler Policy Benefits and Features
- The New India Bike Insurance plan will cover the loss caused due to the Bike Damage.
- As per the Claim Experience of Insured, the company will provide the No Claim Bonus and Loading.
- The Policyholder should pay an Extra premium for CNG unit, Electrical fittings, Fibreglass Tank, LPG fuel tank, and Trailer attachment.
- If the policyholder is a member of Automobile Association, The New India Assurance Company will provide an Additional Discount
- The Company will give you a discount for installation of Anti-Theft Devices in your vehicle.
- It also provides a third-party liability coverage option for the customers.
- The Policyholder can not get any claim discounts
- New India Assurance company also pays for towing charges upto 300/- for Motorcycles.
- The company will settle the bill directly to the garage. In the case of an authorised garage, you have to submit the bills.
New India Assurance Coverages
The New India Assurance Company offers Insurance only to some extent. The two types of covers that are available:
- Liability only policy: This includes third party responsibility for body injury, death and damage to the property. The company provides Personal Accident cover for Owner and the driver also.
- Package policy: This Package policy covers the loss or damage to the vehicle also in addition to Driver or Owner.
1. Liability Only policy:
The Liability Only policy covers the vehicle owner’s legal liability to pay the compensation for:
- Death or Physical severe injury to a third party person.
- Pay compensation for Damage to third party property.
The coverage amount is unlimited in case of death or injury and damage to third party property for Rs.7.5 lacs.
2. Package Policy:
The New India Insurance Two Wheeler Package Policy covers the loss or damage of the insured vehicle and its accessories due to:
- The Fire, explosion, Self-Ignition or lightning.
- Accident by any external means.
- Malicious Act.
- By Rockslide/landslide
- The Earthquake (Fire and Shock) Damage.
- Flood, Cyclone, Hurricane, Storm, Typhoon, Tempest, Inundation, and Hailstorm.
- Terrorist Act.
- While in transit by road, inland waterway, lift, elevator or air.
- Burglary, housebreaking or theft.
- Riots and Strike.
Exclusions under this policy
Along with the coverages and benefits, Every Insurance company will give some exclusions under each police. In the same way, the New India Bike Insurance plan also have some exclusions. The New India Bike Insurance Policy do not cover the following
- The company excludes Wear and tear, breakdowns
- Consequential loss
- Damages when driving with the invalid driving license or under the influence of alcohol.
- If the Loss is due to war,
- Claims arising out of contractual liability.
- If the policyholder crosses the ‘Limitations to use.’
Rate of the Depreciation in New India Assurance Two Wheeler Insurance
- For all rubber or nylon or plastic parts, tyre and tubes, batteries and air bags – 50% reduction
- Fibreglass components – 30% only
- All the parts that are made up of glass – NIL.
Rate of depreciation for all other parts including wooden parts will be as per the following table:
|Age of Vehicle||% of depreciation|
|Not exceeding six months||NIL|
|Exceeding six months, but not exceedingoneyear||5%|
|Exceeding one year, but not exceeding two years||10%|
|Exceeding two years, but not exceeding three years||15%|
|Exceeding three years, but not exceeding four years||25%|
|Exceeding four years, but not exceeding five years||35%|
|Exceeding five years, but not exceeding ten years||40%|
|Exceeding ten years||50%|
Sum Insured Declared value (IDV):
The Sum Insured Declared Value of the vehicle is fixed by the Insurance Company. It is based on manufacturer’s listed selling price of the brand and model also.
Depreciation Value for fixing the IDV of the vehicle in New India Assurance(NIA) Bike Insurance
|Age of the Vehicle||% of discount for setting IDV|
|Not exceeding six months||5%|
|Exceeding six months but not exceeding one year||10%|
|Exceeding one year but not exceeding two years||15%|
|Exceeding two years but not exceeding three years||30%|
|Exceeding three years but not exceeding four years||40%|
|Exceeding four years but not exceeding five years||50%|
New India Assurance Premium Calculator / Maturity Calculator
The Customers should calculate New India Bike Insurance using Premium Calculator. Therefore, By using New India Assurance Two Wheeler Insurance Premium and Maturity calculator, compute the minimum premium that has to be paid to buy New India Assurance Two Wheeler Insurance Plan. By using this, you can compare your policy with other policies, and you can select your preferred scheme.The information provided below is required to calculate the premium
- GeoGraphical Zone.
- Cubic Capacity.
- Age of the Vehicle.
- Add on Covers.
How to Renew Existing New India Motor Policy?
New India Assurance Online Renewal:
If your New India Assurance company Policy is going to get expired within few days and You can still wish to continue your policy by renewing, check the process here. There is no need to worry about renewing your policy. The New India Assurance Company Ltd is offering Online Renewal services. So, you can renew your policy through online by visiting the official website of New India Assurance Company @login.newindia.co.in.
New India Assurance company has launched an Online Web portal, to enable its clients to buy new policies online and also for renewal of existing policy. With this NIA Online Portal, you can also calculate your premium using Premium calculator.
Step Wise Process for Online Renewal:
The Policyholder should renew the existing policy of New India Bike Insurance. Therefore, Check the steps for renewal of New India Two Wheeler Policy
- First of all, Register your plan in the New India Assurance Online Portal.
- Finish the registration process
- Click on your policy link and fill the details
- Now, go to My Policy Home and find your plan to renew it.
- If your policy is due for renewal, then the renewal link will be in the enabled state.
- Click on the Renew Policy.
- Check for pay the premium through Online option.
- If you have received renewed quote number, then you can renew your policy through Quick renewal functionality. It is available on the New India Assurance website Home Page.
How to Buy New India Assurance Motor Policy?
The interested people can buy the New India Assurance Company Policies through the following ways
- Visit the New India Assurance Company Branch Near you
- Through an Agent
The documents that are necessary for the buying a New India Bike Insurance Plan.
- Proposal Form and Photograph.
- Age proof of the General Insured.
- Nominee & General Assured Address Proof.
How to Claim for the New India Bike Insurance Policy?
In case of accidental damage to the vehicle:
- The policyholder should intimate in the nearest office. There you can get a Claim Form.
- Fill in the claim form and attach a copy of Registration Certificate and driving license of the driver of the vehicle at the time of the accident. Give an estimate of the repairs also.
- The surveyor of the New India Company will check and analyse the damage. He will report the same to the company. In the case of significant damage to the vehicle, the company will arrange a spot survey, at the site of the accident.
- The customer should submit the Final bills and cash memos along with the signature.
- After the claim approval, the customer should deposit the Salvage of the damaged parts for the Insurance Company.
Application (Claim) Process In case of theft of the vehicle:
If the client loses their vehicle due to theft, then they should
- Inform the police immediately and file a FIR.
- Go to the nearest New India Policy Issuing Office and submit a copy of the FIR.
- Submit the Final Police Report in the New India Company as soon as you receive it.
- Extend your maximum cooperation to the surveyor and investigator appointed by the company.
- Therefore, After approval of the claim by the company, get the Registration Certificate transferred in the name of the company, hand over the keys of the vehicle and submit a letter of the Subrogation and Indemnity on stamp paper which is notarized.
In case of liability claim:
- Inform insurance company immediately of any incident likely to give rise to the claim of responsibility.
- On receipt of summons from Court, the same should be sent to the company immediately.
- Claim Form duly filled in along with copies of Registration Certificate, Diving License; FIR is to be submitted.
Additional Coverages for New India Motor Insurance Policy
For Every Policy, The New India Assurance Company is providing Additional Coverages also. The Additional Coverages are provided below. Therefore, Before Accepting the plan just have a glance at them.
- In addition to this, compulsory cover granted under Liability only policy, A restricted Cover is also available to include theft/fire.
- New India Two Wheeler Insurance provides you with an additional Towing charges up to 300/- for scooters/motorcycles from the accident place to workshop.
- New India Assurance also Provides the customers with a higher towing charge by paying the extra premium.
- It also covers the loss caused due to damage of accessories that are installed in your vehicle.
- New India Assurance Company provides Legal liability to employees.
- It offers you with an additional discount on Anti-theft devices installed in your vehicle.
- New India Assurance company also provides a Personal Accident coverage facility to owner/driver of the vehicle.
Personal Accident Coverage:
The New India Assurance Company Will pay the Compensation for any bodily injury or death of the owner or the driver of the vehicle.
The Rate of Compensation under personal accident coverage is provided in below table
|Nature of the Event||Percentage of the Compensation|
|Loss of two limbs or loss sight of both eyes or one of the limbs and sight of one eye||100%|
|Loss of one of the limbs or sight of one eye||50%|
|Permanent total disability from the injuries other than named above.||100%|