New India Car Insurance

Their international presence is felt in over 22 countries through a network of associates, subsidiaries, branches and agencies.

Key Features of New India Assurance Car Insurance

Motor Insurance in India

Third-party car insurance is a necessity mandated by law for every motorist with insurable interest in a car driven on Indian roads. While one can opt for a policy to cover only this legal aspect, it is always better to possess a comprehensive motor policy to cover all eventualities. It is more affordable than taking out two separate policies i.e. one to cover damages caused to others and one to cover own-damages.

New India Assurance - Package Motor Policy

Part of its personal insurance offerings, this motor policy was drawn up to bestow upon the holder the right to be recompensed in the event of any mishap involving the insured vehicle.

Scope

Private cars are covered under this contract for the following:

• Own-damage:
  • Loss to the insured car (including accessories) caused by fire, lightning, larceny, public disruptions like riots, intentional damages caused by an external source/party, terrorism, environmental disasters (earthquakes, floods, landslides, cyclones, storms etc.), mishaps during transport by road, rail, waterways etc., accidents.
  • Expenses incurred on towing the car to the nearest service centre as per chosen rates or within a pre-determined limit of Rs.1,500.
• Third-Party Liability:
  • Loss of life, property impairment, physical injury
  • While bodily damages incur unlimited liability, property impairment is due to be compensated up to Rs.7,50,000.

Out of scope

The following are the exclusions or circumstances which do not entitle the policyholder to make claims:

• Natural devaluation due to progression in age of the automobile
• Breakdowns
• Driving while under the influence of intoxicants like liquor and drugs
• Driving without authority or without a valid driver's license
• Contractual obligations
• War and related hazards
• Usage beyond private purposes and limits
• Usage beyond specified borders
• Tyre-damages

New India Car Insurance Add-on Covers

New India motor insurance policyholders can take additional covers under their comprehensive plans by paying extra premium. As add-ons, customers can get cover for the following -

• Damages or losses occurring on accessories available in the car, namely, fans, air-conditioners, stereos, etc.
• Policyholders can get personal accident cover for paid drivers and passengers.
• Cover for legal liability expenses to employees.
• For commercial vehicles, coverage for legal liability expenses to non-fare paying passengers can also be availed.

Insured's Declared Value (IDV)

This is the current market value of the car which is also the sum insured. Own-damage premiums are ascertained based on this. (Third-party premiums are as per tariffs set out under the Motor Vehicles Act, 1988).

The IDV is derived from the producer's selling price of a car of the same specifications. From this value, the relevant amount of depreciation is deducted based on the age of the vehicle. These amounts are usually considered for Total Loss (TL) or Constructive Total Loss (CTL) of the automobile for a period up to 5 years. Beyond this period and for models that are no longer in production, the amount to be deducted as depreciation is based on an agreement between the insurer and the insured.

Premiums

Premiums are dependent on the sum assured.

In case of third-party covers, premiums are set as per the tariff given under the Motor Vehicles Act, 1988.

In case of own-damage covers, premiums are set as per the sum assured of the insured motor vehicle. There are discounts available on OD premiums.

Premiums also depend on:

• Age of car
• City where it is registered
• Engine capacity (in cc)

Discounts

OD premiums qualify for discounts in the following cases:

• No-Claim Bonus : This is offered upon renewal, after completion of a policy period wherein no claims were made. The bonus offered will range between 20% to 50% depending on the number of claim-free years preceding the renewal of the policy. Renewals should be done within 90 days of policy expiry.
• Installation of anti-theft devices approved by the ARAI.
• Membership with a recognised automobile association of India.
• Classic or Vintage cars that are recognised as such by the Vintage and Classic Cars Club of India.
• Laid-up vehicles
• Use of the automobile within the premises of the insured

New India Car Insurance Claims Process

customers have to follow the below given steps to make claims under an existing policy. Policyholders have to adhere to different procedures depending on the type of claim filed.

Accidental Damage Claim

•   Inform the nearest New India Insurance branch office about the accident immediately.
•   Collect the claim form from the branch and fill it completely.
•   Submit the filled form along with Driving Licence copy, RC copy and Repair Estimate.
•   A Surveyor will inspect the damaged vehicle and submit a report to the insurer.
•   For major damage, the company may arrange a spot survey at the accident location.
•   Submit all cash memos and repair bills to the company for processing.
•   Once claim is approved, submit the salvage of damaged parts to the insurer.

Theft Claim

• Lodge a First Information Report (FIR) with the police immediately after theft.

• Submit a copy of FIR to the branch office where your policy was issued.

• Submit the Final Police Report to the insurer at a later stage.

• Surveyor will conduct an investigation before claim approval.

• After claim approval, transfer the Registration Certificate (RC) in the insurer's name.

• Hand over the vehicle keys to the insurance company.

• Submit a notarized Indemnity on stamp paper and a Letter of Subrogation.

Liability Claims

• Inform the insurer immediately about any incident that may lead to a liability claim.

• Once you receive court summons, forward it to the insurance company immediately.

• Submit the filled Claim Form along with Driving Licence copy, RC copy and FIR copy.

Compulsory Deductibles

The proposer has to bear a certain amount of the claim.

In addition to the compulsory deductible, the proposer has to also bear the salvage value (within reasonable limits) and depreciation.

It is evident that this policy provides a that can not only meet a proposer's Car Insurance needs adequately, but can also do so in a flexible, easy and transparent manner.

New India Assurance Customer Care

The toll-free number of the customer care department of New India Assurance is 1800 209 1415. You can get clarifications to your queries by dialing this number. You can also visit the insurance company's official website and fill up an online form to request for a call back. Another method of getting in touch with the insurer is by walking in to any of its branch offices. You can get a list of the existing offices of the insurance company by selecting the 'Locate Us' menu option on the website. You can get the branch addresses by typing in the PIN Code or city. This way, you will also receive the email address corresponding to each branch for communication.

From the home page of the insurer's website, you can select the option of 'List of garages for cashless settlement' and download the addresses of the network garages affiliated to the company. Customers can avail cashless claim settlement facility at these network garages.

GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017