National Insurance Company Limited (NIC) is one of the oldest and most preferred general insurance firms in the country. The insurance firm is a subsidiary of the government-owned General Insurance Corporation of India (GIC), and is headquartered in Kolkata. The company has a pan-India reach with around 1,998 branches across the country and 14,902 employees. In terms of the Gross Direct Written Premiums (GDWP), the company is the second largest general insurance company in India.
Third-party policies cover:
|Incurred claim ratio 2017-18||121.67%|
|Net earned premium 2017-18||Rs.5,008.23 crore|
Listed below are the steps to avail a car insurance policy from National Insurance:
|Individuals can purchase a Liability-Only Cover or a Comprehensive Motor Insurance Policy.||
Any vehicular damage caused due to the following factors are not covered:
A Liability-Only Policy will cover the following:
||Damage occurring only to the tyres will not be covered. However, if the tyres are damaged along with the car, the insurer will pay 50% of the cost of replacing the tyres.|
|The Package/Comprehensive Motor Insurance policy will cover liabilities, damages caused to one’s own vehicle, loss of vehicle, and injury/death occurring to self/co-passengers.||Accidents or bodily injury/death caused due to the vehicle owner or driver driving when he/she was under the influence of alcohol or other narcotic substances.|
The Comprehensive Policy covers damage caused to one’s own vehicle due to:
||Allied labour and costs of parts|
The Insured Declared Value or the IDV is the maximum amount that the insurer is liable to pay to you in case of total loss or theft of the vehicle. This means that if your car happens to get stolen or is damaged beyond repair in an accident, this is the maximum sum that you can claim for. The insurer is not liable to pay you anything more.
The determining factor of a vehicle’s IDV is its current market value excluding the rate of depreciation that occurs with time. The value of any accessories that are not factory fitted and the vehicle’s registration cost will also not be included in the calculation of the vehicle’s IDV. The rate of depreciation that will be taken into account as per the age of the vehicle is listed in the table below.
|Age of the Vehicle||Percentage of Depreciation|
|Under 6 months||5%|
|Over 6 months but lesser than 1 year||15%|
|Over 1 year but lesser than 2 years||20%|
|Over 2 years but lesser than 3 years||30%|
|Over 3 years but lesser than 4 years||40%|
|Over 4 years but lesser than 5 years||50%|
|Over 5 years||Based on an agreement between the policyholder and the insurance company.|
In order to file a claim with National Insurance, you will have to follow the steps mentioned below:
*The steps mentioned above are only indicative and not exhaustive. For more detailed information, you will need to contact the insurer.
Listed below are the documents National Car Insurance policyholders have to submit for accidental claims, for theft claims and for third-party claims:
The reduction in the vehicle’s value due to general wear-and-tear that occurs with time is called depreciation. Depreciation can play a large role in determining your vehicle’s IDV or Insured Declared Value.
The No-Claim Bonus is a certain bonus/discount that is provided by the insurer to reward you for not making any claims during the policy tenure. The No-Claim Bonus for the present policy year can help reduce your premium payable in the following year.
Yes, purchasing a motor insurance policy is mandatory for every motor vehicle owner. You are required to, at the very least, have a third-party liability-only cover, by law. However, you can also consider purchasing a comprehensive insurance policy since it offers a higher amount of coverage and is more inclusive.
Yes, you can purchase/renew your policy on National Insurance’s official website and the premium payments can be made by credit/debit card.
While driving, ensure that you carry your car’s Insurance Certificate, Registration Certificate, PUC Certificate, and the driving licence of the person who is driving the vehicle.
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