New India Assurance Co. Ltd. is a government-owned insurance company that has a presence across the country. They are the market leaders in providing insurance services in India. New India car insurance is one of their products. With a vast network in India, the company has over 2,452 offices in the country with as many as 17,702 employees and 68,389 agents.
|Third-party Cover||Coverage up to Rs.7.5 lakhs|
|Cashless Network Garages||NA|
|Incurred Claim Ratio 2017-18||79.68%|
|Net Earned Premium 2017-18||Rs.9,074.26 crore|
New India Assurance offers two types of car insurance plans – package plan and the liability only plan. Listed below are the features and benefits of both car insurance plans:Liability only plan
The liability plan offered by New India Assurance is a basic third-party car insurance plan which offers coverage for the third-party involved in the accident, for repair of damages caused to the vehicle and for medical expenses if the accident results in bodily injury, disability or even death. The third-party liability is up to Rs.7.5 lakh for cars and up to Rs.1 lakh if the third-party vehicle is a scooter or a motorcycle.Package Plan
The package plan offered by New India Assurance is a comprehensive car insurance policy which offers coverage for both the policyholder and the third-party involved in the accident. The package plan offers coverage not just for accidents, but for damages caused to the car following a natural calamity, riots, terrorist attacks, etc. Listed below are the inclusions of the package policy offered by New India Assurance:
Listed below are the exclusions of the package plan offered by New India Assurance:
|Easy purchase online|
|Host of discounts|
|No claim bonus|
|Wide range of add-on covers|
Let's explore the add-on covers offered by New India:
Loss or damage caused due to:
||When the policyholder uses the vehicle contrary to mandated instructions|
|Loss due to theft, robbery, and other manmade calamities such as strike, riots, terrorist activities, accidental external damage||Accident due to intoxication|
|Damage caused due to travel by road, air, elevator, inland waterway||Damage due to own negligence|
|Third-party liability in cases of injury, death or damage||Mechanical or electrical breakdown|
|Personal accident cover||Loss due to nuclear risks|
|Loss due to electrical or non-electrical accessories||War related risks|
|Legal liability to passengers who do not pay fares||Consequential loss|
|Loss of accessories by theft|
|If used/driven outside geographical area|
|Age of vehicle||% of depreciation|
|Not exceeding 6 months||5%|
|Exceeding 6 months but not exceeding 1 year||15%|
|Exceeding 1 year but not exceeding 2 years||20%|
|Exceeding 2 years but not exceeding 3 years||30%|
|Exceeding 3 years but not exceeding 4 years||40%|
|Exceeding 4 years but not exceeding 5 years||50%|
New India has a wide network of cashless garage network garages were customers can avail services without any hassles. You can log on to their website to find out where the nearest network garage is located or even call on the toll-free number for 24/7 assistance on this.
The claim process will vary slightly depending on the type of claim made. This depends on if the damage is caused due to an accident, theft, natural calamities, manmade calamities or by a third-party. In general, to make a claim, the policyholder has to first notify the insurance provider and keep basic documentation in place. Claims can be made through the wide cashless garages network, where the customer can drive the car or get it towed for repair. In this case the service will be cashless and the insurance provider will directly pay the concerned network garage. In case, repair works have already taken place, reimbursement of the same expenses can be claimed under the insurance policy. In case of an accident, theft, or bodily injury, one should always keep in mind that it is best to inform the police and file an FIR at the nearest possible police station. Following are the documents that need to be kept in place while making a claim:
|Self-attested claim form|
|Copy of the driving license of the policyholder|
|Registration certificate of the insured car|
|Road tax certificate of the insured car|
|Police FIR if the damage was caused due to an accident|
|Claim intimation form issued by the insurer|
|Invoice from the service station|
|Receipt of the last-paid premium|
|Fitness certificate of the vehicle|
Let’s explore the cashless claim process:
Let's explore the reimbursement claim process:
You can pay for the premium of your car insurance either online on the website of New India Assurance via your debit card, credit card or net banking account or you can pay via cash or cheque at any branch of the insurer. If you’ve failed to pay your premiums on time and have allowed the policy to lapse, then your claim will be rejected.
Follow the steps to renew your car insurance policy online on the website of New India Assurance:
Your car insurance policy was rejected either because you have not paid your premium for the car insurance plan or possibly because your car was damaged following an incident or condition that is listed in the policy exclusion list. Basically, if the damage to the car is deemed as consequential loss – due to your fault.
If your car has been serviced at a garage that is not a network service station of New India Assurance, then you have no option for the cashless claim settlement, and you will have to settle for the reimbursement claim settlement. Basically, you will have to make the payments for the service from your own pocket and then submit the bills and relevant documents to New India Assurance for reimbursement.
Following an accident, you should waste no time in intimating the insurer about the incident. The insurer might send a surveyor to assess the damage caused to car and figure out the cause of the accident or you will have to get the insurer to get the car towed to the closest network garage of New India Assurance. The network garage will then process the claim for the cashless settlement.